CBN  Considers Fresh Funding  For Lagos Free Zone 

Governor, Central Bank of Nigeria (CBN), Godwin Emefiele said the bank is ready to give more financial support to the Lagos Free Zone after already committing up to N100 billion in to the project.

 He announced this in Lagos on Saturday after a tour of the 850 hectares project which is meant to turn around the economic of the country.

He said the CBN offered the N100 billion through its Differentiated Cash Reserves Requirement (DCRR) Regime.

He  added:”We are ready to provide Naira and Dollars funding to assist you. I will advise that you do Naira loan because it is cheaper since you will spend the money here. We will continue to support businesses that have the potential to create more jobs for  Nigerians”.

The DCRR is a regime where deposit money banks interested in providing credit financing to greenfield (new projects) or brownfield (new/expansion projects) in the real sector (Agricuture/Manufacturing) may request for the release of their funds from their Cash Reserve Ratio (CRR) to finance the projects subject to the banks providing evidence that the funds shall be channeled towards projects approved by the CBN.

He spoke on the Lekki Deep Sea Port which is part of the Lagos Trade Zone projects, saying  he will be glad to see the port act at the hub for Nigeria’s export drive.

“I believe with the port, we will see ease in exportation. Goods will be exported  through the port and we will make forex available to manufacturers”.