The Central Bank of Nigeria (CBN) in a bid to arrest the slowing growth of the country’s economy has set aside a 500 billion naira ($2.5 billion) facility for loans to non-oil exporters.
“The facility is essentially designed to redress the declining export credit and reposition the sector to increase its contribution to revenue generation and economic development,” the central bank said.
“It will improve export financing, increase access of exporters to low interest credit and offer additional opportunities for them to upscale and expand their businesses,” it added.
The bank said loans for up to three years would be granted at a maximum all-in interest rate of 7.5 percent a year. Loans of more than three years will be granted at a maximum rate of 9 percent a year.