Nigeria to offer N1bn loan to large businesses at 9% interest rate

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said on Sunday the Federal Government is willing to provide up to N1 billion in credit facilities to large enterprises, including manufacturers, at a 9% interest rate.

He said small-scale businesses could also access loan at no more than 9% interest.

The minister, who stated this in a programme on Channel TV, said small-scale businesses could obtain loans up to N1 million, while large industries are eligible for as much as N1 billion all at the same modest interest rate.

READ ALSO:Nigerian govt targeting 77% increase in IGR – Wale Edun

Edun said: “Our emphasis is that we make sure that we ramp up the speed and the scale of the help that is there. We are offering loans at 9% for medium-scale enterprises for up to N1 million for small enterprises.

“And for the larger enterprises, we are offering up to N1 billion funding at 9% so that those manufacturing firms can invest, grow the economy, employ people, and produce more goods that will help push down inflation.

“As I said, for the largest enterprises, the government did sit down with the private sector, the manufacturer association and other stakeholders and the governors to provide an economy stabilization plan and have the measures announced.”

By: Babajide Okeowo

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