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CREDIT FACILITIES
CBN will be reducing interest rates on its facilities through participating financial institutions from 9% to 5% per annum for a year.
The Central Bank of Nigeria has disclosed the guidelines that must be followed by individuals and companies to access the N50billion tarheted credit facility for households and Small and Medium Enterprises that are badly hit by COVID-19.
Nigeria is not the only country where Small and Medium Enterprises (SMEs) experience difficulty accessing credit facility. According to the Acting Chief Executive Officer of CWG Plc, Adewale Adeyipo, small businesses in the United States experience the same struggle.
The Nigerian Export-Import Bank (NEXIM) has within a year disbursed N24 billion loans to exporters, many of whom are SMEs.
Sterling Bank Plc to support IITA's trained 'agripreneur' with credit facility.