Nigeria: FCTA to establish microfinance banks in area councils
The Federal Capital Territory Administration (FCTA) will establish microfinance banks in the six Area Councils of the territory to provide easy access to financial services for the administration’s business operators, the Minister of State for FCT, Oloye Olajumoke Akinjide, disclosed this on Thursday.
The minister, who stated this at the commissioning of HATLAB Place in Abuja, explained that the establishment of the microfinance banks would substantially address the funding limitation of micro, small and medium enterprises (MSMEs).
“Needless to remind that inadequate funding of micro, small and medium enterprises (MSMEs) affects positive economic growth. I once more use this opportunity to reaffirm our commitment towards the establishment of FCT Microfinance Banks in all the Area Councils of the FCT.
“We are also positioned to encourage value addition and linkages and ensure the establishment of business clusters, trade zones and business incubators in the FCT through the Abuja Enterprise Agency (AEA),” she said.
She also noted that FCTA was being strengthened in line with the FCT Trade and Investment policy aimed at meeting the current economic realities and attaining Vision 20:2020.
“The AEA as one of vehicles for the delivery of the FCT Trade and Investment policy is being supported to reach all the area councils and also to maintain a functional desk in all the area councils,” she added.
Akinjide assured women that the FCTA was committed to providing of an enabling environment for them to take their rightful place in the area of business.
She added that the administration would partner with HATLAB Delite Limited in the area of mentorship through the AEA Facilities.