Connect with us

Business

CBN announces plan to drop interest on loans for manufacturers below 9%

Published

on

Emefiele Godwin

The Central Bank of Nigeria (CBN) has launched a strategy to revive the country’s struggling industrial sector by providing “single-digit loan facilities.”

It also said with private refineries coming on board soon, the pump prices of Premium Motor Spirit (Petrol) will become competitive and affordable.

CBN Governor Godwin Emefiele stated this in Thursday at the Nigeria International Partnership Forum in Paris, France.

His words: “We want to ensure that the manufacturing sector can access capital at a single-digit rate of not more than nine percent.

“It should be easy for you (investors in manufacturing) to access credit at single digit with two years moratorium.

Read also: Manufacturers to lose N1.9trn in three years over new excise duty -MAN

Emefiele, who restated the government’s decision to end subsidy payments on petroleum products, added that the nation’s economy has been on a fast recovery path with a rebound in crude oil price.

Emefiele said: “Aliko Dangote’s $17.5 billion refinery will produce 650,000 bpd and my brother Abdulsamad Rabiu(BUA) 350,000 bpd. We believe prices of petrol can be more competitive and affordable and we will soon be exiting fuel subsidy.

“What remains our focus? The mantra has been why should we be importing what we can produce? We are encouraging industries, we are making plans on granting of credit to these industries.”

Emefiele also revealed that the CBB has started a programme where investors could repatriate their profits easily with properly documented Foreign Direct Investment.

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

Investigations