FINANCIAL INSTITUTIONS SENSITIZE CORPS MEMBERS ON FUNDING OPTIONS

 

The Head Development Finance Office CBN Osogbo, Mrs Adebayo Oluwayemisi has sensitized the 2021 Batch A Stream 1 corps members on the various finance development interventions of the Central Bank of Nigeria.

 She mentioned that the objective of the initiative is to provide access to affordable credit and expand output of Agriculture and Manufacturing industries.

 According to her, some of the schemes in place by the CBN are the Nigerian Youth Investment Fund, which is targeted at generating about 500 000 jobs between 2020 and 2023.

She highlighted Other financial development interventions to include the Creative Industry Financial Investment, and Agric Business Small and Medium Enterprise, amongst others. She also gave the requirements and emphasized that growth of the Nigerian economy is the focus of the CBN. 

 In like manner, a representative of the Bank of Industry, Mrs Toyin Famro spoke of the Interest of the BOI in advancing the finance of businesses in manufacturing and food processing. She spoke about the Dangote Funds with a reducing balance interest of 5% and the Graduate Entrepreneurship Funds with a 0% interest rate, and payable within 3 - 5 years. 

Furthermore, she mentioned that before application, there must be a proper understanding of cash flow, a good business plan, and 2 guarantors.

To establish any business of interest, it is necessary to have NAFDAC registration which serves as proofs of the authenticity of the product been sold.

This was made known by a Senior Registration Officer NAFDAC, Mrs Ajayi Yewande while sensitising the corps members. 

Mrs Ajayi took out time to explain the various industries that require registration with NAFDAC and the requirements for registration.

Mrs Ajayi said that there are some basic requirements needed before NAFDAC can register such organizations. These includes; the CAC, Trademark, company organogram, amongst others. She also mentioned the various services offered by the body.

 She mentioned that the standard work space should contain a cook room, packaging room, production room, finished product room and an office. She also added that proper ventilation is compulsory in order to ensure quality of output,