FG Offers Credit Facilities to Large Businesses at 9% Interest Rate – Finance Minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the federal government is providing up to N1 billion in credit facilities to large enterprises, including manufacturers, at a 9% interest rate.

The Minister made this statement during an interview on Channel TV on Sunday on the state of the economy.

Edun mentioned that both large and small-scale businesses can access the loan at no more than 9% interest.

According to him, small-scale businesses can obtain loans up to N1 million, while large industries are eligible for as much as N1 billion, all at the same modest interest rate.

“Our emphasis is that we make sure that we ramp up the speed and the scale of the help that is there. We are offering loans at 9% for medium-scale enterprises for up to N1 million for small enterprises.

“And for the larger enterprises, we are offering up to N1 billion funding at 9% so that those manufacturing firms can invest, grow the economy, employ people, and produce more goods that will help push down inflation.

“As I said, for the largest enterprises, the government did sit down with the private sector, the manufacturer association and other stakeholders and the governors to provide an economy stabilization plan and have the measures announced,” Edun said.