The Director, Fessy Olabode and Associates, Dr. Festus Olabode on Monday gave kudos to the Central Bank of Nigeria (CBN) for offering loan opportunities to Small Scale Entrepreneurs in Nigeria.
Speaking with journalists in Akure, Dr. Olabode described the CBN’s offer as a welcome development since it will grant Nigerians access to funding to norture their ideas.
According to him, people have good and bright ideas but they could not tackle the problem of funding which has remained a major set back to the rural development.
He however, urged the apex bank to devise a better opportunity to get these funds available to the beneficiaries through a special financial institution such as NASIMA for onward transaction to the state, local and other levels
His words, “let the CBN involve private sector who will get the funds across to beneficiaries without much bottle necks, that is applying collateral is an obstacle that will not enable people to access the benefits”.
He however, warned that people should not see the CBN loan opportunity as manna from above, or as a national cake which they will take and fail to repay.
It would be recalled that the CBN recently came up with a loan offer of N10 milion to Business Entrepreneurs that will undergo a training session after obtaining a form of N15,000.
The former FUTA Director of Business Enterprises expressed different views about the payment of N15,000 to obtain a training form, adding that most of them could not afford such money.
He urged the CBN to make training of would be beneficiaries free of charge and only to those who are ready to turn things around since most people could not afford payment of N15,000 for a form.
He gave his support to the one digit interest rate which is redeemable within seven years even though the problem of getting the right people, he said. remained a major concern.