Nigeria’s Banks’ Assets To Weaken Due To Pandemic

The Central Bank of Nigeria has introduced intervention schemes to cater for non-interest financial institutions.

The Director, Financial Policy and Regulation Department, Kevin Amugo says the schemes include Non-interest Guidelines for the Accelerated Development Scheme, Intervention in the Textile Sector, Agri-Business, Small and Medium Enterprise Investment Scheme for NIFIs, MSME Development Fund for NIFIs,Non-oil Export Stimulation Facility, Anchor Borrowers’ Programme and Real Sector Support Facility Revised Guidelines.

The CBN,listed the objective to include engaging a minimum of 370,000 youths within the ages of 18 to 35 years in agricultural production nationwide over the next three years in order to reduce youth unemployment.

The intervention scheme breakdown of Financing tenor of six months for grains and broiler production 18 months for cassava; 24 months for egg production and ruminants amongst others.

#BankingSector #CBN #InterestRate #BankAssets #COVID19Pandemic

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From: TVC News Nigeria

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