The Central Bank of Nigeria has promised manufacturers of single-digit loans with a maximum interest rate of 9%.
Godwin Emefiele, the Governor of the Central Bank of Nigeria, announced this at the Nigeria International Partnership Forum in Paris, France.
The CBN Governor stated that the central bank’s policy is geared toward increasing exports while decreasing imports, as well as promoting ways for Nigeria to produce more of what it currently imports.
Emefiele also stated that the country’s economy is improving as a result of higher crude oil prices, reiterating the government’s intention to end petroleum subsidy payments.
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.
In an effort to increase foreign investment in the Nigerian economy, the Central Bank of Nigeria (CBN) told international investors that the country is ready for business.
According to information contained in a letter from CBN Governor Godwin Emefiele titled “Turning the Covid-19 Tragedy into a New Opportunity for Nigeria,” the CBN set aside an initial intervention fund of N500 billion over the medium term for manufacturers to procure cutting-edge machinery and equipment, as well as automated manufacturing models, to assist manufacturers in speeding up local production and supporting increased patronage of locally made products.