Utweets
TOP SECRET REVEALED FINALLY! WATCH VIRAL V!DEO, SEE WHY WILDFIRE IS RAZING OUT USA. SEE WHERE THE FIRE HAS EXPANDED TO| EXPERTS SAYS IT AS A RESULT OF THIS.. READ FULL DETAILS.The Nigeria Credit Guarantee Bank announced by President Bola Tinubu in his New Year message is expected to begin operations before the end of the second quarter of 2025. ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...
This was disclosed by presidential aide, Olusegun Dada, who pointed out that the scheme aims to derisk the financial market.
The scheme which aligns with the Tinubu administration’s bank recapitalisation effort will provide the needed buffer for lenders to perform the intended duty from the recapitalisation process without any fear of loan default or loss of capital.
Dada said the Nigeria Credit Guarantee Company is designed to be in partnership with government institutions that play a role in the industrialisation drive, such as the Bank of Industry, the Nigerian Consumer Credit Corporation (CREDICORP), the Nigerian Sovereign Investment Agency (NSIA) and the Ministry of Finance Incorporated (MOFI) as well as the private sector and multilateral institutions.
“This initiative will remove one of the biggest barriers that makes banks reluctant to extend credit to the manufacturing sector,” he said in a piece he wrote.
The presidential aide also revealed that President Tinubu announced a N75 billion Manufacturing Intervention Fund as part of efforts to provide immediate support to large enterprises including manufacturers to sustain and expand their operations.
He said the aim is to offer large manufacturing enterprises up to N1 billion credit at a nine per cent interest rate instead of the going rate in the lending market which is around 30 per cent.
The repayment period is spread over 10 years. According to the Bank of Industry, around 140 manufacturers have applied for the low-interest credit facility.TOP SECRET REVEALED FINALLY! WATCH VIRAL V!DEO, SEE WHY WILDFIRE IS RAZING OUT USA. SEE WHERE THE FIRE HAS EXPANDED TO| EXPERTS SAYS IT AS A RESULT OF THIS.. READ FULL DETAILS.
“One of the significant aspects of the Intervention Fund is its revolving nature where repayments from previous beneficiaries are used to provide loans to new businesses, ensuring a continuous flow of funds and most importantly availability of cheaper financing to manufacturing companies. This is a huge incentive for industrialisation in Nigeria,” he said.…Read_ The_ Full: Story_ Here.
