N50bn CBN loans to SMEs, others end 2024

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The Central Bank of Nigeria has set exit dates for its intervention loans to Small and Medium Enterprises, households and the pharmaceutical sector.

SMEs have till December 31st, 2024 to repay loans aimed at cushioning the effects of coronavirus on businesses and the people, while the pharmaceutical sector has till December 31th, 2030.

Recently, the banking regulator disclosed a combined N150bn intervention fund to ease the impact of the pandemic on some sectors.

As part of its measures to cushion the impact of the coronavirus pandemic on the economy, the CBN introduced a N100bn credit support intervention for the healthcare industry.

This was with a view to strengthening the sector’s capacity to meet potential increase in demand for healthcare products and services.

Specifically, the scheme was to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or expand capacity.

It was also expected to increase private and public investment in the healthcare sector; facilitate improvements in healthcare delivery and reduce medical tourism to enhance foreign exchange conservation.

The CBN introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, and guidelines to access the funds.

To access the loan, it stated, “Eligible households or the MSMEs shall submit applications directly to NIRSAL Microfinance Bank; and the application must, among others, contain the BVN number.

 




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