CBN Approves 9% Single Digit Loan For Manufacturers

Yemisi Izuora

The Central Bank of Nigeria (CBN) has said that the Bank is ready to drive the manufacturing sector to greater heights and in doing so manufacturers would receive single-digit loans of not more than 9 per cent.

Governor of the CBN, Godwin Emefiele while speaking at the Nigeria International Partnership Forum in Paris, France, said that the apex bank’s policy is geared toward increasing exports and reducing imports, and the promotion of ways by which Nigeria can actually produce more of what we usually import.

“We want to ensure that the manufacturing sector can access capital at a single-digit rate of not more than nine percent.

“It should be easy for you (investors in manufacturing) to access credit at single digit with two years moratorium.”

“Aliko Dangote’s $17.5 billion refinery will produce 650,000 bpd and my brother Abdulsamad Rabiu (BUA), 350,000 bpd. We believe prices of petrol can be more competitive and affordable and we will soon be exiting fuel subsidy.”

“What remains our focus? The mantra has been why should we be importing what we can produce? We are encouraging industries, we are making plans on granting of credit to these industries,” he added.

Emefiele, reinforced government’s determination to discontinue petroleum subsidy payments, adding that the country’s economy is on the part of growth with resurgence in crude oil prices.

Emefiele said also pointed out that, ”inflation rate has dropped from over 18% to 14.1%.”, pointing that as we see a further rebound in crude prices, the rate might still drop.

He told the forum that Nigeria is ready to increase foreign investments in the economy.

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