Bank Invest N26Bn in SMEEIS-CBN

The Central Bank of Nigeria (CBN) has said that more than N26 billion has been invested in Small and Medium Enterprises Investment Scheme (SMEEIS) by the 24 consolidated banks as at August, 2008.

The amount was invested in a total of 332 projects indicating that 204 projects were real sector projects while 128 projects were service-related projects.

According to the report of the CBN’s Banking supervision, the total amount set aside under SMEEIS by consolidated banks is N42, 024,988,746.00 billion.

The amount is the accumulated voluntary contribution of 10 percent of the Profit after Tax of the 24 consolidated banks as approved by the Bankers’ committee since 1999 as part of strategies to encourage and promote investments in Small and Medium Enterprises.

According to the report, the sectorial allocation showed that the real sector of the economy comprising the manufacturing, construction, solid mineral and agro-allied got N13.2 billion representing 50.87 percent of the total investment in August.

Also, the service-related sector such as information technology and telecommunications, educational establishment, services and tourism & leisure received N12.8 billion, representing 49. 13 percent.

The Report further showed that the allocations to agro-allied which include wood work and water bottling got N2.3 billion, construction such as quarrying received N2.8 billion while manufacturing and solid mineral got N8 billion and N59 million respectively.

In the case of service-related sector, N1.8 billion was allocated to information technology, N898 million to educational establishment, N4.8 billion to services and N5.3 billion to tourism and leisure.