Home Business Akwa Ibom traders urge transparent disbursement of N220bn CBN loan for MSMEs

Akwa Ibom traders urge transparent disbursement of N220bn CBN loan for MSMEs


UYO – Traders in Akwa Ibom State have called on the state government to ensure transparent disbursement of the state’s share of the N220 billion Central Bank of Nigeria (CBN) loan to micro, small and medium enterprises (MSME).

The President, Conference of Akwa Ibom Traders (CAIST), Chief Christopher Usoro, made the call in an interview with the News Agency of Nigeria (NAN) in Uyo on Sunday.

NAN recalls that the CBN recently approved N220 billion loans to be disbursed to MSMEs in the country to enhance their performance.

Usoro said that the traders decided to make the call because they were apprehensive that politicians might highjack the funds for their wives and relations.

He said that government should ensure that the loan was given to genuine petty traders whose capital base was small as directed by the apex bank.

“We are making this call because politicians in their usual manner could highjack it and share it to their wives and relatives.

“We are appealing to agencies responsible for the disbursement of the loan to give it to only traders under registered cooperative societies.

“I and other members of our association have been busy enlightening traders on how to form and register cooperative societies with the Corperate Affairs Commission,” he said.

The president urged the government to widely publicise the sale of forms for the loans.

He said that without this it would be difficult for the genuine traders to take part in the process, a situation that would end up in civil servants and politicians hijacking the loan.

Reacting, the state’s Commissioner for Commerce, Mr Toby Nkandude, said the government was working out modalities to ensure the loan got to those it was meant for.

Nkandude urged the traders to form cooperative societies and ensure that it was registered with the Corporate Affairs Commission. (NAN)

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