Micro, Small and Medium Enterprises who are members of the organised private sector have decried their inability to access the loan offered by the Central Bank of Nigeria for MSMEs and household impacted by the coronavirus pandemic.

Many who applied for the loan through NISRAL’s online platform did not get an acknowledgement of their applications while only a few got feedback from the organisation.

The acting Director-General, MAN, Ambrose Oruche, while sharing the experiences of manufacturers who tried to access the loan said 12 of MAN’s members who applied for the loan were not credited.

According to him, there was no acknowledgment from the NISRAL microfinance bank.

He said they had 12 companies that qualified; they prepared their business plans and sent their applications. The microfinance bank however did not acknowledge the application not to talk of giving out the loan.

He added that the N50bn loan did not get to manufacturers but mostly to households and traders.

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