Nigeria created 7,195 jobs through loan scheme - Minister

Abuja, Nigeria (PANA) - No fewer than 7,195 jobs were created in Nigeria in the last quarter of 2010, thanks to a loan scheme under which the government disbursed 199.6 billion naira to manufacturers/small and medium-scale enterprises (SMEs), according to Information Minister Labaran Maku (US$150 Naira=150 Naira).

Maku, who was briefing journalists at the end of Wednesday's Federal cabinet meeting
in the capital city of Abuja, said the loans were disbursed to 539 companies, under the
Central Bank of Nigeria (CBN) loan scheme, through the Bank of Industry (BOI).

He also said the loans increased the capacity utilisation of the affected firms from 25 to
29.5 per cent.

The Minister also announced that the cabinet has adopted a proposal for the reintroduction of
Marketing Boards, which were scrapped by the former military administration of Gen. Ibrahim
Babangida in the 1980s..

However, he said unlike the former Marketing Boards that were fully funded by the government,
the new boards, details of which are yet to be worked out, will be sustained by the private sector.

The reintroduction of the marketing board was part of the proposals submitted to the council by CBN Governor Sanusi Lamido Sanusi, to fortify the agricultural sector
-0- PANA MON/SEG 2Feb2011