SMIEIS is an innovation designed for our peculiar situation in the country. This initiative has recorded satisfactory progress so far within the short period of its existence. As at 31st May, 2003, a total of N14.6 billion had been set aside by banks for equity investment under the Scheme.
However, despite the rapid accumulation of resources, only N4.3 billion, or 29.4 per cent of the fund had been invested so far. The reasons for this slow pace are not far-fetched. First, equity investment requires skill-sets which are quite different from what the banks are familiar with in credit appraisal and management.