Banks in Nigeria have invested N24.7billion in Small and Medium Enterprises Equity Investment Scheme (SMEEIS) as at April 25, the Central Bank of Nigeria (CBN) has said.

Out of the amount, investment in the real sector of the economy gulped N12, 853,635,081.17 billion while the service related sector got N11, 894,045,565.94 billion. There was no investment in the micro enterprises sector, a CBN document obtained by Daily Trust yesterday revealed.

The SMEEIS is a voluntary initiative of the Bankers’ Committee approved at its 246th Meeting held on 21st December, 1999 where they agreed to set aside 10 percent of their Profit After Tax (PAT) for equity investment and promotion of small and medium enterprises.

The total amount set aside under SMEEIS by consolidated banks is N42, 024,988,746.00 billion.

Sectoral distribution of the investment by the banks according to the CBN shows that the manufacturing sector which comprises printing and publishing got the highest amount of N7, 712,092,519.65 billion while the Agro – allied sector which includes wood work & water bottling was allocated N2, 295,815,561.52 billion.

Investment in the construction sector such as quarrying was N2, 786,287,000.00 billion while N59, 440,000.00 million was invested in solid minerals, the document stated.

According to the CBN document, investment in tourism and leisure in the period under review was N5.054 billion while educational establishments were allocated N397,935,000.00 million.

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