FG approves movable assets as collateral for lending to SMEs


By Franklin Alli

The Federal Government has said that Small and Medium Enterprises (SMEs) can now use their movable assets to secure bank loans instead of landed property.

Jumoke Oduwole, Senior Special Assistant (SSA) to the President on Industry, Trade and Investment, disclosed this while addressing operators in the sector at a public event in Lagos.

Oduwole said that the National Collateral Registry Bill which was recently signed into law by the government is designed to stimulate access to finance by Micro, Small and Medium Enterprises (MSMEs).

“85 percent of SMEs in Nigeria contributes 50 percent to Gross Domestic Product, GDP. The government wants to encourage you to flourish, to produce more and add value to non-oil exports,” she said.

Earlier, CBN Governor, Godwin Emefiele, in an NCR News Letter, stated: “There is empirical evidence, that the establishment of…

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