Amaka Obiefuna.

Nigeria’s Fidelity Bank Plc said it has disbursed N2.5billion out of the CBN’s N220 billion Micro, Small and Medium Enterprises Development Fund to 500 Small and Medium Enterprises (SMEs) across the country.

Fidelity also Revealed that it had received repayment of N1.8 billion out of the disbursed fund, noting that the bank had not recorded any bad loan from the apex bank initiative.

Mr. Okonkwo, MD/CEO Fidelity Bank, while speaking said that the bank was partnering with A.Y.E to empower entrepreneurs in the country to stimulate employment, adding that the partnership agreement between both organisations signed recently will strengthen    ongoing efforts and initiatives of A.Y.E in developing and supporting future business leaders.

He said  “With a network of more than 12.6 million members across the continent and 1.6 million Nigerian members, A.Y.E is the largest network of entrepreneurs in the world,’’

“If we have all these youths not producing anything, how can GDP grow’’, Okonkwo said.

The MD said that the bank would also partner A.Y.E in its third annual conference tagged; “Networking with the Giants Conference’ slated for Nov. 30in Lagos.

Mr Summy Smart, A.Y.E President said that the organisation encourages social entrepreneurship with role models, powerful mentors, social innovators, thought leaders, forward thinking investors and people passionate about addressing a range of societal and environmental challenges.

 “It provides ample opportunity for individuals with vibrant business ideas to network with established industry leaders, policy makers and outstanding investors from around the globe to draw priceless, life-transforming inspirations from success stories.

“With the caliber and diversity of industry leaders billed to attend the conference, Fidelity Bank and A.Y.E are keen on reawakening the latent entrepreneurial spirit in the youth population.

“Both organisations are committed to identifying burgeoning start-ups with exceptional ideas and showcasing their potentials to the entire world,’’ Smart said.