26

Nov

The Central Bank of Nigeria (CBN) Has Awarded N5 Million In Loans To Graduates Under A New Scheme

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, launched the Tertiary Institutions Entrepreneurship Scheme on Thursday to combat underemployment and unemployment in the country. At the presentation in Abuja, Emefiele also gave loans ranging from N4.1m to N5m to graduates who applied and were chosen. “The scheme, developed in collaboration with Nigerian polytechnics and universities, is designed to harness the potentials of graduate entrepreneurs by fostering a paradigm shift away from the pursuit of white-collar jobs and toward a culture of entrepreneurship for economic development and job creation,” he explained. He remarked that, in the face of a […]

24

Nov

Nigeria’s Growth Rate Has Been Revised By The World Bank to 2.7 Percent In 2021 And 2.8 Percent In 2022

The World Bank has upped Nigeria’s economic growth predictions for 2021 and 2022 to 2.7% and 2.8%, respectively. The Bank made the announcement in the most recent edition of its Nigeria Development Update on Tuesday. The World Bank anticipated 1.8 percent growth in 2021 and 2.1 percent growth in 2022 in the June 2021 edition of the NDU. The World Bank, on the other hand, expects an upbeat assessment of the Nigerian economy in the next edition. According to the new data, the Nigerian economy is recovering faster than projected. “The Nigerian economy has recovered at a faster-than-expected pace in[…]

22

Nov

The CBN Has Ordered Farmers To Insure ACGSF Loans

The Central Bank of Nigeria has stated that farmers must obtain insurance coverage before receiving loans from the Agricultural Credit Guarantee Scheme Fund. This was stated by the CBN in its instructions for the Agricultural Credit Guarantee Scheme Fund, which were announced on Friday. “As a condition precedent to guaranteeing, all loans under the scheme must be insured,” it stated. According to the central bank, a charge on land in which the borrower has a legal interest or a right to farm, or a charge on assets on the land, such as fixed assets, crops, or livestock, may be presented[…]