BoI Cuts Interest Rates By 2%

The Bank of Industry on Monday said it has reduced the interest rates on all its funded projects from 10 per cent to eight per cent per annum.

The bank said the decision, which took effect from April 1, had been communicated to customers and partnering commercial banks.

It said in a statement that the move was in line with the Presidential directive on loans moratorium due to the challenging times individuals and businesses were facing as a result of the COVID-19 pandemic.

In responding to the directive, the bank said it has approved a moratorium period of three months to customers.

It added that customers requiring more than three months could apply for a further extension of up to one year.

The statement also said the bank was working with its funding partners to obtain interest rate reductions on some of the funds that it was currently managing.

It added that the bank had been able get the Nigerian Content Development and Monitoring Board to reduce the interest rates on credit facilities approved under its managed fund from eight per cent to six per cent.

The statement reads in part, “All intervention funds granted by the Central Bank of Nigeria and disbursed by the Bank of Industry have been covered by the CBN’s palliative measures, which include moratorium extension and interest rate reduction to five per cent per annum.”

The bank restated its commitment towards actualising its goal of supporting economic development and industrialisation.