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The Central Bank of Nigeria (CBN) has assured manufacturers of single-digit loans of not more than 9%.
This was disclosed by the CBN Governor, Godwin Emefiele at the Nigeria International Partnership Forum in Paris, France.
The CBN Gover 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.
Emefiele said, “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.”
Emefiele, who reiterated the government’s determination to discontinue petroleum subsidy payments, also noted that the country’s economy is on the mend thanks to a resurgence in crude oil prices.
Emefiele said, “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.
The CBN governor also pointed out that, ”inflation rate has dropped from over 18% to 14.1%.”
He added that as we see a further rebound in crude prices, the rate might still drop.
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