Nigerian Vice President, Osinbajo inaugurates Nigeria’s MSMEs council members [Full list]

Vice President Yemi Osinbajo on Tuesday inaugurated a 22-member council for Nigeria’s Micro, Small and Medium Enterprises (MSME)s.

The ceremony held at the State House, Abuja.

See Full list below;

The list of ​the council ​members are as follows​.​

Honourable Minister of Industry Trade and Investment.

Honourable Minister of State Industry, Trade and Investment

Honourable Minister of Finance

Honourable Minister of Mines and Steel Development

Honourable Minister of Youth Development

Honourable Minister of Communications

Honourable Minister of Budget and National Planning

Honourable Minister of Water Resources

Honourable Minister of Power, Works and Housing

Honourable Minister of Science and Tech.

Honourable Minister of Agriculture

Honourable Minister of Women Affairs

Honourable Minister of Information

Honourable Minister of State Ministry of Budget and National Planning

CBN Governor

The Chairman, Nigerian Governors Forum

Economic Adviser to the President

SA on MSMEs to the Vice President

President MAN

President NASME

Director General SMEDAN

The Vice President is the chairman of the Council.

​Recall that t​he CBN launched the MSME Development Fund on August 15, 2013 with a share capital of N220 billion.

The Fund was established in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy and the existing huge financing gap.

Ten percent of the Fund has been devoted to developmental objectives such a grants, capacity building and administrative costs while ninety (90) percent commercial component will be released to Participating Financial Institutions(PFIs) at 2% for on-lending to MSMEs at a maximum interest rate of 9% per annum.

Eligible activities to be financed include agricultural value chain, services, cottage industries, artisans, trade and commerce and any income generating business as may be prescribed by the CBN from time to time.