Agricultural, manufacturing and the sectors considered as growth and employment stimulating, can now borrow long term as much as N10billion at consolidated nine per cent interest rate under new guidelines issued by the Central Bank of Nigeria.
The new credit policy called Guidelines for Accessing Real Sector Support Facility (RSSF) through CRR and Corporate Bonds was released by the CBN today.
And it marks a big departure from the excruciating interest rate regime of 25-30 per cent that has been blamed for stifling enterprises in the country.
The CBN acting Director, Corporate Communications in a statement on Thursday in Abuja said the new directive aimed to increase the flow of credit to the real sector; agriculture and manufacturing.
He said that Deposit Money Banks (DMBs) would henceforth be incentivised to direct…
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