FG Offers Businesses Up to N1bn Credit Facility at 9% Interest Rate – Minister

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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government is offering businesses including manufacturers in the country credit facilities up to ₦1bn at a 9% interest rate.

The minister, who was a guest on Channels Television’s Sunday Politics programme, said the current administration recognises the challenge of entrepreneurs to access affordable funds for their businesses, hence the initiative.

He said small-scale entrepreneurs can get up to ₦1m in credit facility while larger businesses can access up to ₦1bn at 9% interest rate, which is cheaper than the current interest rate of 26.25 % recommended to commercial banks by the Central Bank of Nigeria (CBN),

Edun said, “The emphasis is on ramping up food production, the emphasis is on dealing with food nutrition and food insecurity.

“Likewise, the emphasis is on helping small-scale businesses through grants, and nano enterprises through grant funding. That is being rolled out and it’s being done in a manner which, as I said before, is a world-class standard where you identify biometrically the person that is the beneficiary and you pay them through a digital process which you can easily reconcile.

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