It’s a new dawn for the creative industry as the Central Bank of Nigeria makes funds available for creative persons, who genuinely seek financing to grow their businesses under its Creative Industry Funding Initiative, reportsJust like it did to farmers under its Anchor Borrowers’ Programme , where rice farmers got cheap capital to boost their production capacities, leading to Nigeria becoming one of world’s largest producers of rice, the Central Bank of Nigeria, has launched a financing...
The country’s unemployment rate was at 23.1 per cent, from the previous rate of 18.8 per cent released in the third quarter of 2017, Nigeria’s National Bureau of Statistics said in December 2018. According to CBN, prospective beneficiaries are only required to prepare their business plan or statement on how much they want for their business and approach their bank for the facility.
The maximum interest rate of nine percent per annum is applicable to all loans with a period for the repayment of the loan ranging from three to 10 years, depending on the segment of the business. They include cereals, cottons, roots and tubers, sugarcane, tree crops, legumes, tomato, livestock among others.
Emefiele stated: “It is in light of the success of the Anchor Borrowers Programme with regards to cultivation of rice and maize that the Monetary Policy Committee, in its last meeting on November 21, 2018, recommended that the programme be applied to other areas such as palm oil, tomatoes and fisheries to mention a few,” he stated.
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