FG Partners With CBN To Launch Credit Facility For MSMEs From 2M To 10M

Acting President, Professor Yemi Osinbajo disclosed that the Federal Government of Nigeria has partnered  with the Central Bank of Nigeria and Commercial Banks to provide better credit facilities for MSMEs. He made this statement at the MSME Awards aimed at recognising the efforts and contributions of MSMEs in Nigeria.

At the award ceremony, a good number of MSMEs were honoured for their various contributions to the Nigerian economy. He revealed that the partnership with CBN and Commercial Banks is to launch a credit facility that we will make available to MSMEs; loans from N2 million to N10 million, with little or no collateral, for 5 to 7 years, and at an interest rate of 5 percent.

The acting President also added that the government is exploring an initiative to allow a special window of 90 days for MSMEs, who have not registered their businesses to do so at a highly subsidized price. This is a special initiative of the Corporate Affairs Commission.

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