Small-Scale Entrepreneurs Can Access Up to N1m, Larger Businesses Up to N1bn
The Federal Government has announced a credit facility for businesses, including manufacturers, with loans up to N1bn at a reduced interest rate of 9%, according to Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Speaking on Channels Television’s Sunday Politics program, Edun stated that small-scale entrepreneurs can access up to N1m, while larger businesses can receive up to N1bn at 9% interest rate, significantly lower than the current 26.25% rate recommended by the Central Bank of Nigeria (CBN) to commercial banks.
The initiative aims to support food production, nutrition, and security, as well as assist small-scale businesses and nano enterprises through grant funding.
Edun assured that food prices will decrease in the coming months, citing the government’s dedication to infrastructure funding to boost agricultural output.
Despite the current high inflation rate of 33.65% and food inflation at 40.5%, Edun expressed optimism that inflation will slow down and reduce as the dry season harvest continues and the wet season harvest approaches.
This development comes as Nigerians face economic challenges sparked by the government’s recent policies on petrol subsidy removal and forex windows unification, leading to skyrocketing prices of food and basic commodities.
