CBN Suspends New Loan Applications Under the Development Finance Intervention

According to a memo issued by Access Bank Plc to its customers on Monday, the Central Bank of Nigeria (CBN) has halted new loan applications under the CBN development finance intervention funds programme. Among the existing development finance intervention funds programs of the CBN are the Real Sector Support Fund (RSSF), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), and Agri-Business/SME Investment Scheme (AGSMEIS). Access Bank issued the following statement on Monday, in addition to announcing the program’s suspension: All prevailing CBN development finance intervention funds, which bear approved interest[…]



FG, Banks To Disburse N75bn Palliatives Loan To Manufacturers.

The Federal Government has partnered with commercial institutions to provide manufacturers with N75 billion through the Presidential Palliative Loan Programme. Beneficiary manufacturers are those that have undergone evaluation by the financial institutions and fulfilled all criteria for disbursement. Each manufacturer is eligible for a maximum of N1 billion, contingent upon the scale of their operations. In an effort to mitigate the effects of the fuel subsidy removal, the Presidential Palliative Loan Programme and the Presidential Conditional Grant Programme had just commenced. Beneficiaries of both initiatives are obligated to fulfill specific prerequisites prior to receiving approval or withdrawal. A benefiting nanobusiness[…]