Connect with us

Business

80,000 Nigerians apply for CBN N50bn credit facility

Published

on

Nigeria saved $21bn in food import since 2015 -CBN

Applications numbering over 80,000 have been received by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) from individuals and businesses for the central bank’s N50 billion Targeted Credit Facility (TCF).

Abubakar Kure, NIRSAL’s managing director confirmed this at a news conference in Abuja Tuesday.

The apex bank had in March unveiled the relief package to support households and Micro Small and Medium Enterprises (MSMEs) severely affected by the coronavirus outbreak.

40,000 of the applicants requesting the credit were households while 30,000 were SMEs, the NIRSAL chief said, adding that disbursement would commence next week.

Read also: 10 things you need to know to access CBN’s N50bn COVID-19 intervention fund

“The issue of business plan was a requirement for MSMEs applications as stipulated by CBN guideline.

“At the start of the process, business plans which NIRSAL received from loan applicants were highly substandard and to ensure high standard and efficient processing, an optional, automated business plan was provided by a service provider at a highly discounted fee.

“This is to avoid applicants being charged excessively by other consultants and to help people during the stay at home period and to make the application process easy. We got a third party service provider to enable applicants to access the business plan through the internet,” Mr Kure stated.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now