BusinessDay
Nigeria's leading finance and market intelligence news report.

CBN advances loans to MSME at single digit

The Central Bank of Nigeria (CBN) says it will continue to provide opportunities for Micro, Small and Medium Enterprises (MSMEs) to access loans without difficulty at single-digit rate as part of efforts to entrench a vibrant economy.

Samson Isuwa, the Nasarawa State controller of the apex bank, stated this at the opening of a three-day Nasarawa Entrepreneur Boot-camp in Lafia, the state capital.

According to Samson, CBN has remained consistent in initiating loan schemes covering agriculture, the entertainment industry, small scale business owners, among others at a single-digit interest rate to achieve Federal Government’s drive to economic prosperity.

He said interest rate for small scale businesses was at the moment 7 percent, adding, however, that this would soon rise to 9 percent to address the prevailing economic challenges.

He maintained that, henceforth, CBN would insist on only genuine business owners benefitting from such loans.

He said those collecting loan without utilising for the purpose it was meant would be denied the opportunity. He described the workshop for entrepreneurs as apt and advised participants to seize the opportunity to develop business strategies that would add value to their economic status.

Nasarawa commissioner for commerce, trade and investment, Obadiah Boyi said the loan would complement the effort of the Nasarawa entrepreneurs by encouraging them with all the necessary support required for SMEs to succeed in the state.

Whatsapp mobile

Get real time updates directly on you device, subscribe now.