BUSINESS NEWS

Breaking News: CBN Advises Nigerians to Embrace ₦50Billion Credit Facility

The Central Bank of Nigeria, CBN, has urged Nigerians to embrace its ₦50Billion credit facility which is packaged for households and small businesses affected by the COVID-19 pandemic. The loan will attract an annual interest of 5%. The apex bank has directed anyone interested in the loan facility, to log onto the website of the Nigeria Incentive-Based Risk Sharing system for Agricultural Lending (NIRSAL) Microfinance Bank. It is a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. Eligible for this facility are households with verifiable evidence of livelihood adversely affected by the COVID-19; and micro enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

The direct link to the page dedicated for this is as follows https://nmfb.com.ng/covid-19-support/

Video by CBN calling on suitable Nigerians to apply

According to NIRSAL Microfinance Bank, “The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

“These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.

“In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.”””

The Nigeria Incentive-Based Risk Sharing system for Agricultural Lending (NIRSAL) was launched in 2011 and incorporated in 2013 by the Central Bank of Nigeria (CBN) as a dynamic, holistic USD500 Million public-private initiative to catalyse the flow of finance and investments into fixed agricultural value chains.

This is a really welcome development, especially after the free e-registration flagged off by NAFDAC, which Switch Nigera reported. Click here to see.

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