Obiano inaugurates ASBA

GOVERNOR of Anambra State, Chief Willie Obiano has inaugurated the Anambra State Small Business

Agency (ASBA) to serve as the catalyst for growth in the Micro, Small and Medium Enterprises MSME Sector in the state.

  Inaugurating the agency at the Governor's Lodge, Amawbia, Governor Obiano announced that the state had secured the sum of N2 billion for on-lending through ASBA to eligible beneficiaries in partnership with participating financing institutions that meet specific selection criteria in the State.

  Of the N2 billion made accessible to Anambra State after signing a Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) with an Irrevocable Standing Payment Order (ISPO) for the principal and accrued interest, the sum of N1 billion has  already been drawn-down out of which the sum of N205m was disbursed to beneficiaries in the first phase of the scheme.

  The handing over of symbolic cheques to some of the beneficiaries took place at the flag-off of the first phase of the ASBA-CBN MSMEs Development Fund in Anambra State, at the Governor's Lodge, Amawbia.

  The first set of ten beneficiaries were short listed after due diligence for the Revolving Working Capital Facility. Among the beneficiaries are Austraco industries Limited for bakery and beverages production; Bold Ventures Limited, for PVC Pipe manufacturing and Zara Industries Limited, for poultry and fish feed production.

  Others are I.I.C. Construction Co. Limited, for fabricated steel production; Omus Oil Limited, for production of steel and associated materials and Restructure Nigeria Limited, for production of aluminium cooking pots.

  Speaking after the inauguration, Governor Obiano expressed happiness that the fund drawn from the Central Bank of Nigeria (CBN) counterpart grant has finally been accessed by the state with the aim of addressing the gap and unlocking the potentials of Nigerian MSMEs in order to improve their access to finance, shore up potentials for job creation, and enable them reduce poverty within the country. Governor Obiano, stated, “ASBA already has a template to ensure proper disbursement of the funds;” and to CBN he assured, “I want to assure you that under my watch, the money will come home.”

  According to Obiano, “MSMEs are globally recognized as the critical engine of economic growth due to their potential to create jobs, food production, generate income and reduce poverty,” stressing that “Anambra State is a significant hub for MSMEs in the country, with the State known as the nucleus for both the automotive spare parts Industry in Nnewi and general merchandise in Onitsha.”

  The governor commended ASBA for making the initiative come to fruition, stressing that members of ASBA Board were carefully selected with a composition of eminently qualified individuals who will ensure the integrity and transparency of the process.