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



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.

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