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How to access the N50 billion CBN Covid-19 intervention fund for SMEs

CBN introduced an N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) that are affected by the coronavirus pandemic

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The novel coronavirus outbreak has a severe impact on the livelihood of households and business activities resulting to drop in global demand for goods and services, declined consumer confidence, and a slowdown in production among others.

The Federal Government through the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance, Budget, and National Planning have announced some monetary and fiscal measures to help mitigate the impact of the coronavirus pandemic on the economy, Nigerian businesses, and households.

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The CBN on its own, through various circulars and pronouncements, has announced some stimulus packages that will impact different sectors like the health sector, Micro Small and Medium Enterprises (MSMEs), manufacturers, households, and so on.

The apex bank introduced an N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) that are affected by the coronavirus pandemic

Why it matters: The TCF was designed to cushion the adverse effects of COVID-19 on households and MSMEs; support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic, and to stimulate credit to MSMEs to expand their productive capacity through equipment upgrade and research and development.

GTBank 728 x 90

A. Who is TCF meant for?:

In the operational guideline for the facility, the CBN listed participants who are eligible to apply for credit from this facility. They are as follows;

  • Households with verifiable evidence of livelihood adversely impacted by the coronavirus outbreak;
  • Existing enterprises with verifiable evidence of business activities adversely affected as a result of the coronavirus pandemic (as part of its consistent review, CBN has declared that eligible applicant does not need to have a business plan),
  • and firms in agricultural value chain activities.
  • Hospitality industry (accommodation and food services)
  • Airline service providers
  • Health (pharmaceuticals and medical supplies)
  • Manufacturing/value addition
  • Trading and other income-generating activities as may be prescribed by the CBN.

B. Source of fund

The scheme shall be funded from the Micro, Small and Medium Enterprises Development Fund (MSMEDF) and the eligible participating financial institution for the scheme is NIRSAL Microfinance Bank (NMFB).

This means the CBN will be sourcing the fund from its MSME development fund which will be administered through NIRSAL Microfinance Bank. Thus, while the CBN will be providing the funds, applicants will have to apply for the loan through NIRSAL Microfinance Bank.

C. How to access the fund 

There are two modalities here to consider. According to the CBN’s circular issued on March 23, 2020, the modalities apply to either Households/MSMEs or Corporate entity.

For Households/MSMEs,

  • The first step is for an eligible household to submit an application to NIRSAL MFB, which must, among others, contain BVN number, business registration (where applicable) and business plan with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic
  • NMFB shall appraise and conduct due diligence applications
  • Upon satisfactory appraisal of application, NMFB shall forward the applications to the CBN for final approval,
  • Then, CBN reviews applications and gives final approval for disbursement to NMFB.

Thus, applicants must endeavor to provide the documents listed above which are mostly basic. If you do not know how to write a business plan, you can get someone to help you with it.

app

For corporate entities

  • Like their MSMEs counterparts, applications are submitted to NMFB with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
  • Also, NMFB shall appraise and conduct due diligence applications,
  • After a satisfactory appraisal of the application, NMFB shall forward the applications to the CBN for final approval.
  • CBN reviews applications and gives final approval for disbursement to NMFB.

Though, applicants may suffer certain setbacks due to communication gaps on the part of NMFB. For instance, one of the potential applicants, Kolade Emmanuel took to Twitter to make an enquiry about the loan that has not received feedback from the bank after one month. When Nairametrics contacted him, he said, “I have not heard from the bank in about one month after I have followed all necessary processes.”

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https://twitter.com/KoladeE97306594/status/1240989369491755008?s=20

D. Loan Terms

Loan Limit

There are different criteria used to determine the loan amount that is disbursed to different eligible participants and segments. They are:

  • SMEs- The loan amount shall be determined based on the activity, cash flow and industry/segment size of beneficiary subject to a maximum of N25 million for SMEs
  • Households- They can access a maximum of N3 million. Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. But where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice.

Interest Rate

The CBN in its circular on the guidelines for the implementation of this facility stated that the interest rate under the intervention shall be 5% per annum (all-inclusive) up to February 28, 2021, and thereafter, the interest on the facility shall revert to 9% per annum (all-inclusive) as from March 1, 2021.

Loan Tenor

The guideline states that the loan for working capital shall be for a maximum of one year, with no option for rollover. As for the term loan, a maximum tenor of not more than 3 years with, at least, one-year moratorium.

Collateral Requirement 

The guideline states that the collateral to be pledged by the beneficiaries under the programme shall be as may be acceptable by NIRSAL MFB, but may include

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  • Moveable asset(s) that is duly registered on the National Collateral Registry (NCR);
  • Simple deposit of title documents, in perfect state
  • Irrevocable domiciliation of proceeds;
  • Two acceptable Guarantor and
  • Personal Guarantee of the promoter of the business
  • Life insurance of the Key Man, with NMFB noted as the First Loss Payee
  • Comprehensive insurance over the asset

E. Responsibilities of Stakeholders

Responsibility of the CBN

  • Provide the seed fund for the scheme.
  • Release funds to NIRSAL MFB for disbursement to successful applicants
  • Review the guidelines of the facility as may be necessary
  • Receive and process periodic returns from NIRSAL MFB
  • Monitor and evaluate the implementation of the scheme by NIRSAL MFB.

Responsibility of  NIRSAL MFB

they have the following responsibilities,

  • Validate the status and BVN of the applicants
  • Process and disburse funds to approved beneficiaries
  • Maintain records of all beneficiaries and disbursements
  • Forward periodic returns on the prescribed format on the scheme to CBN
  • Comply with the guidelines
  • Carry out any other duties as the CBN may prescribe from time to time.

F. Exit date:

The exit date of this intervention is December 31, 2024. It should be noted that this framework from CBN shall be subject to review from time to time as may be deemed necessary by the apex bank.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- chike.olisah@nairametrics.com.

114 Comments

114 Comments

  1. Shuaibu abubakar

    April 21, 2020 at 10:32 pm

    How do we access this

    • CHUKWUEMEK JUSTUS IHEANACHO

      April 27, 2020 at 6:43 am

      i have a plan to start up big farming here in abuja,as my quota to contribute to food security against covid 19 evil agenda, so i need loan to start up this business, thank you, as i look forward to hear positively from your reputable office.

      • Jesse omaojo odibs

        May 21, 2020 at 2:31 am

        Where I get the form?Am planing to train pig in my community, is selling very well over three.

    • NGOZI ANYABUOKE CAROLINE

      April 30, 2020 at 10:06 am

      My name is Mrs Ngozi Anyabuoke of Chidingozi international limited I am a trader and I am very much interested in this CBN loan during this pandemic please teach me how to acess this loan Thanks.

      • Ikwu Adah Joseph

        May 9, 2020 at 4:21 pm

        My name is Ikwu Adah Joseph, a graduate,I have a small business centre, I am interested in this covid 19 loan to expand my business. I need some equipment to boost the business

  2. John Amachi Nwachukwu

    April 22, 2020 at 1:30 pm

    Good afternoon
    I’m John Amachi Nwachukwu
    From J. Pic photographics & Multimedia Company
    I want to access the CBN Loan
    Thanks.

  3. Anthony Ibekwe

    April 22, 2020 at 3:59 pm

    My name is Anthony Ibekwe. I am very much interested in the loan. Please, direct me on how to apply for the loan.

  4. Omofurieta Praise Eddy

    April 22, 2020 at 5:34 pm

    My name is Omofurieta Praise Eddy,How do I apply for the loan

  5. AMADI ONYEBUCHI

    April 22, 2020 at 5:42 pm

    My Name is AMADI ONYEBUCHI I am interested in the laon please how do I go about it thanks

  6. Babalola Olayiwola

    April 22, 2020 at 5:58 pm

    My is babalola shakiru Adebare from convenient solution Enterprise direct me on how to obtain the form and were to submit it pls am interested

  7. JIRGBA BEEGU

    April 22, 2020 at 6:13 pm

    My name is Jirgba Beegu. I am interested in the loan. I sell food items.

  8. Temitope Raphael Ifeolu

    April 22, 2020 at 6:33 pm

    How can someone is not in Abuja apply for this loan MIRSAL MFB is not in our state.

  9. Olayinka Olaitan Joseph

    April 22, 2020 at 7:52 pm

    Pls am interested in the loan how pls direct me on how to get the loan application.

    • Anonymous

      April 24, 2020 at 10:10 pm

      Please how do I apply for the loan

      • Yomi

        May 17, 2020 at 12:44 am

        How to apply for the loan is simple, just go to Google, type Covid-19 loan, it will take you to nirsal microfinance page. Remember the stress in obtaining this loan is not easy, because of the guarantor that is requested, it may frustrate your effort…

  10. Olayinka Olaitan Joseph

    April 22, 2020 at 7:56 pm

    Pls am interested in the loan how pls direct me on how to get the loan application. My contact is 08034035765

  11. Okereke Christy

    April 22, 2020 at 10:11 pm

    Please, my name is Mrs Christy Okereke, how can I apply for the the loan and please on which site.08033807373

    • Jesse Odiba

      May 21, 2020 at 2:36 am

      My name is Jesse odiba.Am instreated in the loan, how do I get form

  12. Anonymous

    April 22, 2020 at 10:11 pm

    Pls am Hilary uchechukwu Obianuka am interested how can I get it?

  13. Anonymous

    April 22, 2020 at 10:15 pm

    Please am Hilary uchechukwu Obianuka from Anambra state am interested pls how can get it

  14. Hilary uchechukwu Obianuka

    April 22, 2020 at 10:19 pm

    Please am Hilary uchechukwu Obianuka from Anambra state am interested pls how can get it

  15. triumph

    April 22, 2020 at 11:05 pm

    how can i get the loan

  16. Anonymous

    April 22, 2020 at 11:30 pm

    Plz how can I apply I have interest in the loan, plz how do I get the application

  17. Ibrahim

    April 22, 2020 at 11:34 pm

    Plz how can I get the application form I have interest in the loan plz

  18. Alfred

    April 23, 2020 at 12:08 am

    Please how can I get access to the loan

  19. Anonymous

    April 23, 2020 at 1:52 am

    I am Aghogho Benedict. I am interested in the loan. I can I access it. NIRSAL Micro finance bank is not in my state.

  20. Osoko Opeyemi Johnson

    April 23, 2020 at 1:59 am

    Please I am interested on this loan application , kindly send an application form to my mail box

  21. Sanmi oni

    April 23, 2020 at 3:33 am

    I’m interested in the loan. How can I access it?

  22. Sanmi oni

    April 23, 2020 at 3:36 am

    My name is Sanmi. I am interested in the loan. How can I access it?

  23. Destiny Ediagbonya

    April 23, 2020 at 4:16 am

    I am Ogiemwonyi Ediagbonya Destiny, an artist (printing,drawing panting) and farming, requesting for the CBN loan

  24. Kehe Yohol Noah

    April 23, 2020 at 4:48 am

    My name is Noah Kehe I have interest in the cbn vivid 19 loan how an I apply

  25. Olarinde abayomi olaiya

    April 23, 2020 at 5:35 am

    How can someone apply for this loan self

  26. Racheal kwalzoom kwaphoor

    April 23, 2020 at 6:24 am

    Am Racheal kwalzoom kwaphoor, please will to like to access the CBN loan am a farmer I got to know about it yesterday please thanks.Rach

  27. Anonymous

    April 23, 2020 at 9:11 am

    Your site is not accessible, l have been able to register but could not do the application

  28. Olaka, Osaro Olaka

    April 23, 2020 at 9:11 am

    I want to access to loan, kindly direct me on how to apply for it. Thanks

  29. Mary

    April 23, 2020 at 9:23 am

    I have been clicking on the link but it says 403 forbidden, can the loan still be accessed or its over, i need a reply.

  30. Salami Olalekan Ali

    April 23, 2020 at 9:38 am

    To the appropriate authority,Pls millions of Nigerians are in the dark about this new information as we were only told that the federal government will disburse money to the less privileged in the lockdown areas or states affected & bvn is what we were told as the government ‘s measures to know who & who that needs the money the most. Please what & where do we have to fill an application before we could count ourselves qualified,pls we need fast response????

  31. Orenisile bolanle mary

    April 23, 2020 at 10:19 am

    Am interested in applying for the loan. Pls how can one apply. Contact number is 08052208388

  32. B.K.K TRANSPORTATION NIGERIAN LTD

    April 23, 2020 at 10:20 am

    I HERE TO APPLY FOR CBNCOVID19 LOAN OF 50 MILLION NAIRA UNDER MY COMPANY B.K.K TRANSPOTATION NIGERIAN LTD TO CONTINUE MY TRANSPOTATION BUSINESS

  33. John femi

    April 23, 2020 at 10:21 am

    I’m interested in taking this loan. Can you please direct me on the modalities to follow. This is my contact number 07034408823 johfem4real@gmail.com

  34. AUGUSTUS QUEEN OSATOHANMWEN

    April 23, 2020 at 10:51 am

    My name is AUGUSTUS QUEEN OSATOHANMWENT I want to access the loan how do i go about it

  35. Anthony Ogbebor

    April 23, 2020 at 1:25 pm

    Good day,

    Please, I need the form to apply. How do I get the form.

  36. akinwande adesola

    April 23, 2020 at 2:21 pm

    i am interested in the loan , how can i access it pls ?

    • Anonymous

      April 23, 2020 at 2:23 pm

      please how can i apply for the loan?

  37. Eddy Ogubuike

    April 23, 2020 at 2:30 pm

    Am Eddy Ogubuike from Meriddy Associate Nigeria LTD. Am interested in Covid 19CBN loan. Please, direct me on how to apply for the loan.

  38. Mr Levy Adoyi

    April 23, 2020 at 2:45 pm

    Why is there no application form online to access the 50 billion business loan declared by CBN to help businesses affected by covic-19 pandemic

  39. Eddy Ogubuike

    April 23, 2020 at 2:54 pm

    Eddy Ogubuike . Am interested in Covid 19CBN loan. Kindly assist on how to apply for the loan.

  40. Affon David Babatibde

    April 23, 2020 at 3:38 pm

    would like to have the form for application how do I get it

  41. Samuel

    April 23, 2020 at 5:05 pm

    My Samson am interested on this covid 19 CBN loan,pleace direct me on how to apply for the loan please.

  42. Aniekan Okpoho

    April 23, 2020 at 5:07 pm

    My name is Aniekan OKPOHO ASUQUO I am interested in the loan. How do I go about it.

  43. toyin olalere

    April 23, 2020 at 5:39 pm

    Comment:toyin olalere selling tailor material i need the loan

  44. Adaobi Nnamani (Okenkwa)

    April 23, 2020 at 6:14 pm

    My name is Adaobi Nnamani, I am interested in the CBN loan pls how do I apply

  45. Matilda Sotonye lkpuku

    April 23, 2020 at 6:38 pm

    Comment: My name is Matilda Sotonye lkpuku I’m interested, how can I access the loan

  46. Gabriel essang

    April 23, 2020 at 8:05 pm

    Please can you assist me on how to apply for the loan, thanks. My number…….09026529281

  47. dauda Ibrahim adesina

    April 23, 2020 at 8:22 pm

    Comment:my name is dauda Ibrahim adesina I want the loan please how can I get the form ?

  48. Danladi John

    April 23, 2020 at 8:40 pm

    Danladi john; Am interested in Covid 19CBN loan. Kindly assist on how to apply for the loan.

  49. Adaobi Nnamani (Okenkwa)

    April 23, 2020 at 8:51 pm

    Pls someone should help me on how to apply for d loan pls

  50. Gambo Josephine musa

    April 23, 2020 at 10:01 pm

    Please how do I apply and where should l go to obtain the form or drop my application with because l am seriously affected can’t even afford to pay my workers salary .I need this covic 19 intervention fund

  51. OJEKINLE CHRISTIANAH

    April 23, 2020 at 10:37 pm

    how can someone apply for it because website of NIRSAL MFB IS NOT OPEN

  52. Kayode Anthonia Ngozi

    April 23, 2020 at 11:29 pm

    I am interested in the loan please so I can get a better place and to boast my business. Thanks in anticipation

  53. Chinonye Amadi

    April 24, 2020 at 1:38 am

    How then do I apply for the loan

  54. Simeon

    April 24, 2020 at 3:25 am

    Please I need the form for the CBN Covid-19 load …. Thanks

  55. Wealth ohikere

    April 24, 2020 at 7:23 am

    My name is wealth ohikere how do I access the cbn covid 19 loan,tashawealth5@gmail.com and my phone no is 08146898597

  56. Agu Onwuka Okenwa

    April 24, 2020 at 9:31 am

    Good day,
    I’m interested in applying for the covid-19 CBN loan. I’ll be grateful if I get an assistance on how to get the form to apply.

    Best regards,
    Agu Onwuka Okenwa.

  57. Ladan Endurance

    April 24, 2020 at 10:42 am

    Pls, iam interested in the loan,I need to know how to apply.

  58. Eniola Olayinka Olusanya Roberts.

    April 24, 2020 at 11:21 am

    Good morning my name is Eniola Olayinka Olusanya Roberts,I own a egg depot,I want to access the CBN intervention fund,please how do I go about it thanks.

  59. Charles Kenechukwu

    April 24, 2020 at 12:55 pm

    The syte is no longer conecting, how do I apply?

  60. DIBIA Chukwuemeka Raymond

    April 24, 2020 at 1:12 pm

    Good afternoon I am interested in the CBN Loan. How do I apply.

  61. KAYODE ONIFADE

    April 24, 2020 at 2:37 pm

    My name is KAYODE ONIFADE, I have registered but never receive any update concerning my registration either approved or not

  62. Anonymous

    April 24, 2020 at 6:44 pm

    my name is OKAFOR OKWUDIRI ANSELM i am into motor and motorcycle spare parts how can i get the CBN loan

  63. Anonymous

    April 24, 2020 at 6:51 pm

    my name is OKAFOR OKWUDIRI ANSELM i am into motor mororcycle spare parts how can i apply for CBN loan

  64. OKAFOR OKWUDIRI ANSELM

    April 24, 2020 at 6:54 pm

    my name is OKAFOR OKWUDIRI ANSELM i am into motor mororcycle spare parts how can i apply for CBN loan

  65. Ebubechukwu Uzo

    April 24, 2020 at 8:44 pm

    Since there is total lock down, please direct me on how to apply on line. Thanks. Uzo.

  66. Anonymous

    April 24, 2020 at 10:13 pm

    Please how do I apply for the loan

  67. Ekwurugo

    April 24, 2020 at 10:15 pm

    How do I apply for the loan

  68. Junaid Abdullahi

    April 24, 2020 at 10:25 pm

    I am interest how can i apply for it, My number is 08166267468

  69. YAHAYA G. MUDIYAKAM

    April 24, 2020 at 10:39 pm

    I AM YAHAYA GEORGE MUDIYAKAM
    HOW DOES THIS AFFECT THOSE WHO HAVE APPLIED THROUGH SMEDAN AND HAVE SUBMITED LOAN APPLICATIONS TO NIRSAL MICRO FINANCE BANK?WE HAVE BEEN DIRECTED TO OPEN ACCOUNTS WITH NIRSAL WHICH WE DID.CAN ONE APPLY AGAIN?

  70. Pendulum Logistics Services

    April 24, 2020 at 11:32 pm

    am interested in the loan

  71. Anonymous

    April 25, 2020 at 12:24 am

    Pls my name is Callista Ndidi Umeyor, I supply chemicals, pls I need the CBN loan . how can I access it?

  72. ROSSYHENRY

    April 25, 2020 at 3:39 am

    Comment:my name is HENRY ROSSY pls i need help on how to apply for this loan.

  73. IGWE HAPPY

    April 25, 2020 at 6:40 am

    Good morning my name is Igwe Happy I own a poultry farm Please I want to access the CBN intervention fund. Please how do I go about it, am in Port Harcourt. Thanks

  74. Florence omieworio

    April 25, 2020 at 8:37 am

    Good morning sir, my names are Florence omieworio, from Rivers state, I own a fish farm and cassava farm in rivers state, I want to access the CBN loan how am I going to do it, the intervention fund, pls help thanks for your understanding.

  75. Dada Kazeem Olatunbosun

    April 25, 2020 at 8:39 am

    I am Dada Kazeem Olatunbosun. I am an artisan. Hardworking, serious and dedicated. Specialize in Painting and Interior Decorations. I need intervention fund to grow the business because I’m seriously affected by the Corona virus situation, even before now, survival has been tough

  76. Dada Kazeem Olatunbosun

    April 25, 2020 at 8:45 am

    Comment: How can I access the fund

  77. Dada Kazeem Olatunbosun

    April 25, 2020 at 9:02 am

    Comment: I am Dada Kazeem Olatunbosun. I specialize in Painting and Decorations. I am interested in the Covid-19 intervention fund for smes.
    How do I go about accessing it?

  78. Kenny

    April 25, 2020 at 11:19 am

    I’m Kenny green farm, I want to apply for loan for grass cutter farming

  79. Anonymous

    April 25, 2020 at 12:06 pm

    my name is abubakar yusuf,an i am interested,i am bussiness man expecially in poultry ,how can i find the form?

  80. Dorothy Nwadike

    April 25, 2020 at 1:52 pm

    My name is Dorothy Nwadike. I am a small scale entrepreneur. How do I access this fund.

  81. Salihu yusuf

    April 25, 2020 at 2:44 pm

    I’m salihu I’m interested in the loan pls how can I get the loan

  82. Anonymous

    April 25, 2020 at 5:19 pm

    My name Ajie Sunday from Delta please how can I access the loan

  83. Ajie Sunday

    April 25, 2020 at 5:24 pm

    I m from Delta a farmer how can I access the loan

  84. Aliyu muhammed

    April 25, 2020 at 10:37 pm

    I’m Aliyu Muhammad by name, I applied for this loan early this week, hoping to hear from CBN soon. God bless the federal republic of Nigeria

  85. Anonymous

    April 25, 2020 at 10:47 pm

    Iam Mfonido Bassey, pls how can I access this loan. I’m very much interested because covid 19 has really affected my food processing business. 0

  86. Brenda

    April 26, 2020 at 12:31 am

    Brenda Idigo, would love to access the fund, direct me on how to go about it thanks.

    • Brook Eshchol

      May 7, 2020 at 12:52 pm

      How many household can meet this criteria?
      Isn’t this another scam of the elitist regime to dupe the poor and give the rich, or better still to disadvantage a section to the advantage of another section of the country

  87. JOHN ONUOHA UKOMA

    April 26, 2020 at 5:18 am

    AM INTERESTED ON COVID 19 CBN LOAN DIRECTIVE ( HOUSEHOLD), KINDLY SEND ME AN APPLICATION FORM ON THE EFFECT TO MY MAIL BOX. THANKS

    • Chinedu

      April 26, 2020 at 3:36 pm

      We are farmers from detal state and we need more information about the loan thanks

  88. David Oyetunde

    April 26, 2020 at 12:25 pm

    Your office in Kano

  89. Timothy nwachukwu

    April 26, 2020 at 6:02 pm

    Please sir my name is Timothy nwachukwu I am a businessman I need a loan from cbn to boom my fashion business

  90. EMMANUEL

    April 27, 2020 at 2:06 am

    please how can i access this loan am a service provider that covid 19 has affected serious please help

  91. Inyang Udo Inyang

    April 27, 2020 at 5:36 am

    Good work, my name is Inyang Udo Inyang, please I need the loan.

  92. Samaila Zubairu

    April 27, 2020 at 10:25 am

    My name is samaila zubairu iam interested in this cbn loan, how i will go about it, and where your agent can be contacted in Zamfara State.

  93. Adegbola Ayomide Opeyemi

    April 27, 2020 at 2:16 pm

    Am a poultry farmer who needs financial support in my business. How can I access the SME’s loan.

  94. Olufemi Babatunde

    April 27, 2020 at 3:37 pm

    I want to appy for the loan, kindly direct me to the appropriate authorities to apply. Am into bottle water business over 5 year and need to develop and upgrade the business.

  95. Is'ma'il Umar

    April 27, 2020 at 4:36 pm

    I’m Engr,by profession I have a welding and fabrication company I want to apply for the loan in order to develop my company services

  96. FELIX OKPATA

    April 27, 2020 at 8:12 pm

    Am interested pls
    Felix David Okpata
    How do I get the form
    Thanks

  97. Folashade kolawole

    April 27, 2020 at 8:46 pm

    How do i apply for the loan

  98. Ismaila Mohammed Nasiru

    April 27, 2020 at 8:56 pm

    My name is Ismaila Mohammed Nasiru.I am a civil servant with the federal government of Nigeria, and also a part time farmer.My station Federal ministry of works and housing, housing sector Bauchi.The farm is in Bauchi town or out scerts.

  99. Ismaila Mohammed Nasiru

    April 27, 2020 at 9:02 pm

    My name is Ismaila Mohammed Nasiru.I am a civil servant with the federal government of Nigeria, and also a part time farmer.My station Federal ministry of works and housing, housing sector Bauchi.The farm is in Bauchi town or out scerts.My contact number is 08026722617.God bless the federal republic of Nigeria.

  100. Okwuokei Ogechukwu Celestina

    April 28, 2020 at 12:48 pm

    My name is okwuokei Ogechukwu C. Iam a business woman also a farmer. Iam married with four kids. Iam in need of this cbn palliative loan to enable me bounce my business back and also enlarge my farm. Pls, how do I access this loan?.

  101. Steve Glo

    May 6, 2020 at 2:21 pm

    God bless Nigeria.
    Sir, where is our sense of humanity as we see in other countries where financial relief is given to their people as palliative measures during this pandemic? Here you are giving out loans with interest to further increase the people’s burden at a time like this when nothing thrives.
    This money in my own discretion should be SHARED to all Nigerians to help themselves out their predicaments AND NOT LOANS!!!
    Thank you sir.

  102. Oloyede mufuta

    May 11, 2020 at 6:19 pm

    My name is oloyede mufutau.. I’m interested in the cbn perlliative loan.. pls how do i get the form

  103. Anonymous

    May 15, 2020 at 8:12 am

    https://nmfb.com.ng/ u can access it from this site. Please make sure u download the guidelines and read through before applying.

  104. Kelechi

    May 15, 2020 at 10:56 am

    Please am very much interested in the loan for my poultry business. Please can someone tell me how to access the loan???

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Business News

Brent crude surges past $36, as major oil producers stick to their pledges on oil output cuts

Note that crude oil prices are still down by 45% since the beginning of 2020, a situation that had forced oil-dependent Nigeria to revise/readjust her 2020 national budget, as Nairametrics reported. 

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Brent Crude

Brent crude gained on Tuesday’s London trading session, upon clear signs that major oil producers are sticking to commitments to reduce crude supply, even as more automobiles get back on the road following the lifting of COVID-19 lockdowns around the world.

Brent crude futures gained about 0.7%, to trade at $36.25, 6.50 am Nigerian time adding to a 1.1% gain on Monday in thin holiday trading. Commenting on this, Will Sungchil Yun, a commodities analyst at VI Investment Corp., said the following to Bloomberg news from Seoul:

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“The market is starting to witness the effect of output cuts along with a reduction in inventories, while the global economy is on its path to recovery. Still, there’s caution with the absence of a cure for the pandemic as well as the possibility of a second wave of infections.” 

The energy market’s bullish run was boosted by comments from Russia which reported that its oil output had nearly plunged to its target of 8.5 million barrels per day for May and June. Daniel Hynes, a senior commodity strategist at Australia and New Zealand Banking Group, told CNBC that “there’s definitely a feeling those cuts have come through as well as you could expect. “With economies restarting, the focus definitely is on the improvement in the fundamentals, rather than what seemed like a complete collapse in demand only a few weeks ago.”

Meanwhile, Russia’s energy minister, Alexander Novak, explained that a surge in fuel demand should help reduce the present global surplus of around 7-12 million barrels per day by June or July. 

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Early next month, OPEC+ members are expected to meet to discuss whether to maintain their supply cuts which are intended at shoring prices. Note that crude oil prices are still down by 45% since the beginning of 2020, a situation that had forced oil-dependent Nigeria to revise/readjust her 2020 national budget, as Nairametrics reported.

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Economy & Politics

Africa day 2020: Buhari urges economic groups, CSOs and private sectors to drive peace for economic development

President Muhammadu Buhari has urged economic groups, CSOs and private sectors in Africa to strengthen collaborative efforts of the AU.

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COVID-19: President imposes lockdown on three states, Africa day 2020: Buhari urges economic groups, CSOs and private sectors to drive peace for economic development

As Nigeria continues to battle the rising insecurity fuelled by the COVID-19 pandemic, President Muhammadu Buhari has urged regional economic groups, civil society organisations and the private sector in Africa to strengthen collaborative efforts among member-countries of the African Union.

He added that stakeholders must take full ownership of the theme of this year’s celebration to  ‘silence the guns’, and allow for economic development in the continent.

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”Peace, security, unity, and harmony are prerequisites for development in Africa,” Buhari said, stressing the need for all economic groups to work together to achieve the peace required for economic growth.

This was part of the President’s message to African leaders to mark the celebration of the ”Africa Day 2020,” by the African Union Commission and the World Health Organization (WHO).

(READ MORE:Post Covid19: Global Leaders at UBA Africa Day Conversations Seek Economic Recovery)

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He noted that the selected theme for the year 2020, ”Silencing the Guns in the context of the COVID-19” provides a ray of hope in the seemingly bleak situation caused by the pandemic across the globe.

He stressed the need for African leaders to ensure that every effort is made to ensure the success of silencing the guns in the continent, emphasizing the need to sensitize Africans about the inseparable connection between peace and development.

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About the Africa Day

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Africa Day is observed annually on 25 May, in commemoration of the founding of the Organization of African Unity (OAU), which was founded on 25 May 1963 in Addis Ababa, Ethiopia and is now known as the African Union.

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Economy & Politics

Nigeria’s external reserves up by 7% in 21 days, currency speculators to lose over N10 billion 

It should be noted that Nigeria’s external reserves went on a downward slide last year, having lost $11.75 billion within a space of 10 months. 

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The continuous increase in Nigeria’s external reserves appears to have been sustained as it recorded a third consecutive week of growth at the end of last week. Available data from the Central Bank of Nigeria (CBN) show that the country’s external reserve had risen to about $35.77 billion as of May 21, 2020. 

Despite the volatility of the foreign exchange market due to decline in crude oil export earnings, the external reserves increased sharply by almost $1 billion in just 9 days, rising from the $34.78 billion that it recorded on May 12, 2020, to about $35.77 billion that it ended with on May 21, 2020. 

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Nigeria’s external reserves have been on a steady increase since April 29, 2020, when it stood at $33.42 billion. This represents an increase of about $2.35 billion or 7% in 21 days. 

READ ALSO: Forex crisis: Those patronizing parallel market will lose money – CBN Governor

It should be noted that Nigeria’s external reserves went on a downward slide last year, after hitting a peak of $45.17 billion on June 11, 2019, thereby losing $11.75 billion within a space of 10 months. 

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The recent gradual increase of the external reserves and improved liquidity in the foreign exchange market, thanks to the CBN, have helped to strengthen the naira at the Investors and Exporters (I&E) window. This was especially the case last week when the naira exchanged at N385.94 to a dollar from N386 to a dollar. 

Note that the improved liquidity in the foreign exchange market and the continuous increase in the country’s external reserves were also made possible by the recent disbursement of $3.4 billion emergency facility by the International Monetary Fund (IMF) to the CBN on May 6, 2020. The money was intended to help Nigeria mitigate the impact of the coronavirus pandemic. 

Recall that the naira has been under pressure against other major currencies, particularly the dollar, even as currency speculators have been making a lot of demands for dollars so as to make profits on future sales. 

READ ALSO: Nigeria’s currency stability persists at the expense of external reserves

Just last week, the CBN Governor, Godwin Emefiele, had to warn speculators and businesses to stop patronizing the parallel market operators. According to him, the rates they are buying dollar now are unrealistic and possibilities abound that they will lose their money if they continue to do so. It has been estimated that speculators could incur over N10 billion losses. 

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In the meantime, Governor Emefiele had promised more liquidity in the forex market, assuring that all genuine dollar demands by businesses and individuals will be met. This is coming against the backdrop of the planned resumption of dollar sales to the Bureau De Change Operators (BDC) by the CBN after almost 6 weeks that was suspended due to the lockdown occasioned by the coronavirus pandemic. The President of Association of Bureau De Change Operators (ABCON), Aminu Gwadebe, had pointed out that the return of the BDCs to the forex market will help chase away speculators, curb rising inflation, boost productivity and employment, enhance price discovery, enhance market transparency and competitiveness. 

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