The Central Bank of Nigeria has announced N50 billion special mechanism funds to revive the country’s ailing textile industry.
The funds, to be administered by the Bank of Industry at a 4.5 per cent interest rate, will use any of the CBN-approved non-interest financing instruments for refinancing of projects and working capital for beneficiaries.
CBN director of financial policy and regulation department Kelvin Amugo said that the seed fund, which is a one-off intervention, will terminate by December 31, 2025, with the maximum financial amount pegged at N2 billion for a single obligor for new facilities and N1 billion for refinancing.
