ASBA Initiative: ANSG to access N2.5bn from CBN

Anambra State government is to access N2.5 billion from the Central Bank of Nigeria to further support Micro Small and Medium enterprises in the state.

The fund, which will be accessed and disbursed through the Anambra Small Business Agency, ASBA, would boost the state’s Gross Domestic Product (GPD).

Governor Willie Obiano disclosed this while inaugurating the new Board of Directors for Anambra Small Business Agency, ASBA, at the Governor’s Lodge, Amawbia.

Gov Obiano directed that 60% of the fund should be channelled to women while others would be disbursed to other farmers as well as micro small and medium enterprises in the state.

The Governor, who commended the immediate past board for living up to expectations, noted that the fund, so far disbursed to farmers and business owners had multiplier effect on the economy of the state.

He charged the newly inaugurated members to perform in line with the vision and dreams of the state, to ensure economic sustainability.

The Board is to collaborate with local and international financial intermediaries to provide MSMEs with access to finance, to enable them grow their businesses with affordable credit and investment.

In his remarks, Managing Director and Chief Executive Officer of ASBA, Chief Clement Chukwuka, explained that the agency had modified the process of accessing and disbursing fund among famers and small business agencies.

Chukwuka commended the initiative of Governor Obiano administration in establishing and investigating heavily in the agency, to boost economy and promote small businesses.

He noted that the state government had earlier accessed over N2bn from the CBN, which had been disbursed, saying that over 80% of the fund had been recovered from the people.

Also speaking, Chief Greg Obi, who stood in for the Chairman of the Board, Mr. Onejeme, during the inauguration, stressed that the Governor’s passion for the agency has kept it afloat from the beginning of his administration and observed that the agency is growing as loans are being accessed in accordance with laid down principles.

The Board which has four year tenure would be chaired by the Commissioner for Finance, Mr. Ifeatu Onejeme.

Others include the Commissioner for Local Government and Chieftaincy Affairs, Chief Greg Obi, Commissioner for Economic Planning, Budget and Development Partners, Mr. Mark Okoye, Commissioner for Culture, Tourism and Indegenous Artwork, Mrs. Sally Mbanefo, Chief Cyril Okichie, Mr. Dan Ofia, Mr. Chilo Ofia Arinze and the Managing Director of ASBA, Chief Clement Chukwuka.