The Central Bank of Nigeria (CBN) has assured manufacturers residing in Nigeria of an imminent loans facility that will gulp less than 10% in interest rate. This is in a bid to revitalize exports and reduce the country’s reliance on importation.
The assurance was given by the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, during the recently concluded Nigeria International Partnership Forum in Paris, France.
Commenting on this move, the CBN boss said: ‘’ We want to ensure that the manufacturing sector can access capital at a single-digit rate of not more than nine percent. It should be easy for you (investors in manufacturing) to access credit at single digit with two years moratorium.”
Meffy as he is fondly called seized the opportunity to reiterate the current administration’s policy of discontinuing subsidy on petroleum products. On this, he said:’’Aliko Dangote’s $17.5 billion refinery will produce 650,000 bpd and my brother Abdulsamad Rabiu (BUA), 350,000 bpd. We believe prices of petrol can be more competitive and affordable and we will soon be exiting fuel subsidy.”
“What remains our focus? The mantra has been why should we be importing what we can produce? We are encouraging industries, we are making plans on granting of credit to these industries,” he added.
As at the period of reporting it, the modalities and other key information on how to access these single digit interest loans are yet to be published by the apex bank. Watch out for this information and others by following naijabusiness.com.ng
Naijabusiness.com.ng gathered that the President of Nigeria, President Muhammadu Buhari, the apex bank boss, Godwin Emefiele, and other key policy makers are currently in France, trying to woo French investors to invest in Nigeria