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
NASD Securities Index Falls to 699.31 Points
By Adedapo Adesanya It was a.
Naira Appreciates to N388/$1 at Investors Segment Monday
By Adedapo Adesanya The Naira began.
Positive Economic Data Lifts Oil Despite Oversupply Scare
By Adedapo Adesanya Oil prices rose.
Custodian Investment Buys UAC Nigeria’s 51% Stake in UPDC
By Dipo Olowookere About 51 per.
CAF Schedules Continental Club Competition Finals
By Adedapo Adesanya The Confederation of.
No Cause for Alarm, We Won’t Leave Nigeria—Shoprite
By Adedapo Adesanya After reports went.
Flour Mills Raises Dividend Payout by 17% as Profit Jumps 185%
By Dipo Olowookere Shareholders of Flour.
OPEC Basket Rise to $43.02 Per Barrel
By Adedapo Adesanya The price of.