FG Dangles N1b Loan At 9% Interest Rate Before Large Businesses

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the federal government is willing to provide up to N1 billion in credit facilities to large enterprises, including manufacturers, at a 9% interest rate.

This is even as small-scale businesses can also access loans at no more than 9% interest.

The Minister made this statement during a recent interview on Channel TV on the state of the economy.

 According to him, small-scale businesses can obtain loans up to N1 million, while large industries are eligible for as much as N1 billion, all at the same modest interest rate.

READ ALSO: CIBN, CPPE Fault Proposal To Amend CBN Act, Say It Will Undermine Apex Bank’s Autonomy

 “Our emphasis is that we make sure that we ramp up the speed and the scale of the help that is there. We are offering loans at 9% for medium-scale enterprises for up to N1 million for small enterprises.

“And for the larger enterprises, we are offering up to N1 billion funding at 9% so that those manufacturing firms can invest, grow the economy, employ people, and produce more goods that will help push down inflation.

READ ALSO: Breaking: Wale Edun Reveals “Removing Fuel Subsidies Is An Ongoing Process.”

“As I said, for the largest enterprises, the government did sit down with the private sector, the manufacturer association and other stakeholders and the governors to provide an economic stabilization plan and have the measures announced,” Edun said.