According to a report by Nairametrics, The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently announced that the Nigerian government has made provisions for the disbursement of N1 billion to businesses looking to secure a loan.
At an interest rate of 9%, the government offers large companies, including manufacturers this loan facility worth up to N1 billion.
The Minister also revealed that large and small-scale businesses would be able to get as much as N1 million at the aforementioned interest rate.
“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 in 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,” the Minister said.
“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 economy stabilization plan and have the measures announced,” he added.
