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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Wednesday, July 21 2004   news   editorial/opinion   policy & politics   focus/record   business   sports   capital market   metro   arts   money watch   energy   maritime   Guardian Chat Click to join the chatroom Govt floats industrial bank with N50b capital base From Bethran Nwankwo, Abuja PRESIDENT Olusegun Obasanjo yesterday announced the floating of Bank of Industry with an initial capital outlay of N50 billion, with the specific objective of improving the performance of Small and Medium Enterprises (SME). The President, therefore, asked the bank to grant loans to SME at the "cheapest rate" to create an enabling environment for the development of entrepreneurship. President Obasanjo, who announced this yesterday at the opening ceremony of an international conference on SME in Abuja, admitted that past national performance in the sub-sector had been very poor. On why the country had under-performed in the SME sector, the President explained that it was due to failure to build the necessary institutions to expand, strengthen and secure the SME sub-sector." And to ensure that the SME development produces the desired results, the President stated that his administration had evolved "appropriate policy and industrial blueprint to enhance the development of this very important sub-sector of the economy" by establishing industrial development centres. "The centres are equipped with basic machinery to enhance their capacity to deliver the requisite technical support to SME at grassroots level", he said. President Obasanjo also disclosed that government had established the Small and Medium Sized Enterprises Development Agency of Nigeria (SMEDAN) to promote the speedy growth of SME in the country. He lamented that the scarcity of loanable funds to SME had been a major obstacle militating against industrial development. � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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