The Central Bank of Nigeria has extended its N50billion Targeted Credit Facility to households and businesses affected by the COVID-19 pandemic in the country.
The apex bank explained that the stimulus package was designed support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.
The beneficiaries,the bank said, could access up to N25m.
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank disclosed this on Monday and advised interested businesses to apply for the loan
The bank lamented that the COVID-19 pandemic had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, among others.
It added that these outcomes had had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.
