The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government is offering credit facilities up to ₦1bn at a 9% interest rate to businesses and manufacturers in the country .
The minister, who was speaking on a Channels Television programme monitored by Radio Now’s Newsdesk, said the challenges faced by entrepreneurs in accessing affordable funds for their businesses, led the current administration to introduce the initiative.
He said small-scale entrepreneurs can get up to a ₦1m credit facility, and larger businesses can access up to ₦1bn at 9% interest rate, which is cheaper than the current interest rate of 26.25 % recommended to commercial banks by the Central Bank of Nigeria.
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Addressing the issue of rising food costs, he said prices would come down in the coming months.
Mr Edun added that though food insecurity is a worldwide phenomenon, the government has dedicated special funding for infrastructure to boost agricultural output.
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