The Anambra State Governor, Willie Obiano, has inaugurated the Anambra State Small Business Agency (ASBA).
The Governor also secured two billion Naira development fund from the Central Bank of Nigeria (CBN) through a Memorandum of Understanding, under the Irrevocable Standing Payment Order (ISPO) for lending through ASBA to eligible Micro, Small and Medium Enterprises (MSME).
During the inauguration of ASBA and the distribution of the money to eligible beneficiaries, Governor Obiano said that MSMEs constitute the major drivers of his vision to engender aggressive economic growth that will touch the lives of average citizens of the state positively.
The ASBA was said to have become imperative in compliance with the CBN directive to ensure effective implementation and recovery of funds disbursed to beneficiaries.
He also said that the programme would increase the state’s Gross Domestic Product, as well as create employment and wealth opportunities for the people.
On distributing the money, Obiano urged the beneficiaries to properly utilize the funds and repay them when it is due, to ensure continuity in the programme.
The Head of Development Finance Department of the CBN, Mrs. Uzo Nwankwo, commended the state for being among the few that have accessed the fund. She noted that the joy of giving out the fund will be complete, if the reason for its disbursement is achieved.
For the Managing Director of ASBA, Mr. Clement Chukwuka, ASBA is the state’s special purpose vehicle for assessing the MSMEs fund. He gave an assurance of the commitment of the agency in all aspects to see to the success of the venture.