An entrepreneurial scheme initiated by the Central Bank of Nigeria (CBN) and other banks 10 months ago has finally taken off with the appointment of seven banks as managers.
The scheme, known as Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS), was scripted to support the Federal Government’s efforts at promoting agricultural business and small and medium enterprises as vehicles for sustainable economic development and employment generation.
The seven banks, under the aegis of Bankers’ Committee, are expected to operate under a Special Purpose Vehicle (SPV) named “Bankers’ Fund Managers Limited” to manage the scheme, with a board of directors constituted to monitor its implementation.
Last August, a project review committee made up of the seven banks was constituted to function as the SPV in efforts to kick off full operations and consequent disbursement of the funds to qualified applicants.
Bankers’ committee okays lenders to manage new investment scheme
