When was National Economic Reconstruction Fund established?
When was National Economic Reconstruction Fund established?
1989
The National Economic Reconstruction Fund (NERFUND) was established in 1989, by the NERFUND Act, cap. 254, 1990 Laws of the Federal Republic of Nigeria. Our Vision is to build a world class Development Finance Institution (DFI) anchored on professionalism, integrity, transparency and quality service delivery.
What is the reconstruction fund?
The National Reconstruction Fund provides a crucial financing vehicle to specifically drive investment in projects that will build prosperity across the country, broadening our industrial base and boosting regional economic development.
Why is Nerfund established?
The National Economic Reconstruction Fund (NERFUND) was set up to provide needed medium – to long-term financing to viable Small and Medium scale production enterprises.
What are the contributions of Nerfund in the growth of small business in Nigeria?
NERFUND operations have had far reaching impact on the Nigerian economy. Apart from helping to conscientize Nigerians in the early “90s to embark on manufacturing rather than merchandize foreign made goods, the fund has helped to create jobs for teeming Nigerians and contributed immensely to GDP.
What are the objectives of National Economic Reconstruction Fund?
The grand objectives are to increase the quantum of goods and services available for local consumption and export, provide needed employment, expand our production base and add value to the economy.
Why was Nerfund established?
NERFUND was set up by decree No. 25 of 1988 as a funding mechanism aimed at bridging the gap in the provision of local and foreign funds to small and medium-scale enterprises. Prospective beneficiary companies must be 100-per cent Nigerian-owned.
What are the functions of Nerfund?
The main focus of NERFUND are: (a) The provision of soft, medium to long-term loans for wholly Nigerian owned SMEs in manufacturing and agro-allied enterprises, mining, quarrying, industrial support services, equipment leasing and other ancillary projects: (b) Provision of mediurn to long-term loan to participating …
