The Federal Government of Nigeria has introduced a significant financial initiative aimed at supporting businesses across the country. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that credit facilities up to ₦1 billion are being offered to large enterprises, including manufacturers, at a concessional interest rate of 9%.
This move is part of the government’s strategy to stimulate economic growth, create jobs, and combat inflation. Small-scale entrepreneurs can receive up to ₦1 million in credit facilities, while larger businesses have access to up to ₦1 billion. This rate is significantly lower than the current interest rate of 26.25% recommended to commercial banks by the Central Bank of Nigeria (CBN).
The initiative places a strong emphasis on ramping up food production, addressing food nutrition, and tackling food insecurity. The government has also dedicated special funding for infrastructure to boost agricultural output. With inflation currently high, the Minister assured that food prices are expected to decrease in the coming months as the dry season harvest continues and the wet season harvest begins.
For more detailed information on this initiative and how to apply, you can refer to the official announcements and resources provided by the Ministry of Finance.
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