From tomorrow, Thursday, April 22, 2020, the Central Bank of Nigeria, through one of its agencies, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), will begin to disburse N50bn credit facilities to business owners in the country.
This initiative, as introduced by CBN, is to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the pandemic, Covid-19.
Speaking ahead of tomorrow’s disbursement, the Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, said “we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.”
In terms of credit limit, the loan amount would be determined based on the activity, cash flow and industry size of beneficiary, subject to a maximum of N25m for SMEs.
According to NIRSAL, industries that can benefit from the scheme include agriculture, hospitality, health and aviation.
Others are manufacturing/value addition; trading and any other income-generating activities as authorized by the CBN.
Here is the link to access the loan: https://nmfb.com.ng/