Central Bank of Nigeria approves N50b revival fund for Textile Industry
Published 22 Jul,2020 via The Nation - The Central Bank of Nigeria (CBN) has announced N50 billion special mechanism funds to revive the ailing textiles industry.
The funds to be administered by the Bank of industry (BoI) at 4.5 per cent interest rate will use any of the CBN-approved non-interest financing instruments for refinancing of projects, long- term financing for acquisition of plant and machinery and working capital for the beneficiaries.
A statement containing the guidelines for the revival pill, tagged “Central Bank of Nigeria Non-Interest Guidelines for Intervention in the Textile Sector”, was released yesterday. It was signed by CBN Director, Financial Policy and Regulation Department, Kelvin Amugo.
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Collins Nweze