By Dipo Olowookere
As part of efforts to drive the economy at a faster rate, the Central Bank of Nigeria (CBN) has concluded plans to provide credit facilities worth N220 billion for artisans across the country.
However, the money would be given to cooperative organisations of these artisans under Micro Small and Medium Enterprises Development Fund (MSMEDF).
Director of Corporate Communications Department at the CBN, Mr Isaac Okorafor, during a chat with reports in Gombe State on Monday, stated that, “If you empower this group of people, the economy will move faster because they will also employ others.”
Mr Okorafor was at the bank’s programme on Promoting Financial Stability and Economic Development, where he further explained that the loans would be given to beneficiaries at an interest rate of 9 percent and without collaterals.
According to him, artisans find it difficult to access such facility at the commercial banks because of collaterals.
“This is the reason why we made the provision for this loan for them to access through their cooperative organisations,” he said.
“All they need to do is to open an account with a bank, operate it for sometime and apply.
“The loan is without collateral and the interest is only nine per cent.” Mr Okorafor stated.
more recommended stories
Unilever Nigeria Revenue Drops to N19bn in Q1 2019
By Dipo Olowookere Lagos-based Fast-Moving Consumer.
Nigeria Still Safe to Borrow Additional N7.9trn—FSDH
By Dipo Olowookere Some days ago,.
Nigerian Firm Tops Seeds Index Ranking
A company based in Nigeria known.
FG Picks 13 Banks to Sell First N20bn 30-Year Bond to Investors
By Dipo Olowookere A total of.
Naira Loses 0.05% in I&E to Trade at N360.42/$
By Dipo Olowookere Transactions at the.
Stocks Gain N84bn on Sustained Bargain Hunting
By Dipo Olowookere The equities market.
Signs Your Startup is Ready to Raise Capital
By Adeniyi Ogunfowoke For entrepreneurs, the.
CBN Cuts Treasury Bills Stop Rates at Primary Market
By Dipo Olowookere The Central Bank.