L
LequteMan
Guest
Nigeria- According to a ThisDay report, FG has slashed the collateral requirement introduced by the Central Bank of Nigeria for banks to access the N220bn intervention fund for the Micro, Small and Medium Enterprises sector from 75 per cent to 50 per cent:
Access to collateral requirements of the N220 billion micro, small and medium scale enterprises (MSMEs) fund, which was initially 75 per cent, used to be difficult for some commercial banks to access, has been reduced to 50 per cent.
The reduction is also inclusive of the interest rate which must not exceed nine per cent.
The Central Bank of Nigeria (CBN) is already disbursing the fund to banks, financial institutions and others at two per cent, from the original interest rate of three per cent.
Minister of Industry, Trade and Investment, Olusegun Aganga made the disclosure while briefing State House correspondents at the Presidential Villa after the council meeting on Tuesday.
Aganga said the council deliberated on sustainable funding for MSMEs.
click here to read more
#Nigeria #CBN
Access to collateral requirements of the N220 billion micro, small and medium scale enterprises (MSMEs) fund, which was initially 75 per cent, used to be difficult for some commercial banks to access, has been reduced to 50 per cent.
The reduction is also inclusive of the interest rate which must not exceed nine per cent.
The Central Bank of Nigeria (CBN) is already disbursing the fund to banks, financial institutions and others at two per cent, from the original interest rate of three per cent.
Minister of Industry, Trade and Investment, Olusegun Aganga made the disclosure while briefing State House correspondents at the Presidential Villa after the council meeting on Tuesday.
Aganga said the council deliberated on sustainable funding for MSMEs.
click here to read more
#Nigeria #CBN
