CBN Earmarks N220b Loan for Barbers, Other Artisans

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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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