The Central Bank of Nigeria has introduced a N50bn Credit Facility to specifically cater for the needs of households and small businesses that have and will be adversely affected by COVID-19.
CBN revealed that those eligible for the stimulus package must be able to prove that they, their livelihood and business operations have been adversely affected by the spread of the virus.
Agricultural value chain activities, hospitality, health (pharmaceuticals and medical supplies), airline service providers, manufacturing and value addition, and trading are businesses that will be eligible for the scheme.
According to them, the maximum amount to be received depending on proof of cash flow of investment size is N25m while households can access N3m with an interest rate of 5 per cent per annum for a maximum period of one year.
The credit facility will be administered by its officers and the NISRAL Microfinance Bank.