The Central Bank of Nigeria (CBN) has called on SMEs to take advantage of opportunities from the bank to boost their businesses, as the apex bank extends a total sum of N66 billion as loans to boost cotton, soya beans, and cassava production in Nigeria.
This call was made by the CBN Director of Corporate Communications, Mr. Isaac Okoroafor, during an enlightenment fair organised by the apex bank for small and medium business owners in Akwa Ibom State.
Mr. Okoroafor, who was represented by Veronica Aqua from the bank, urged the business enterprise owners in the state to note that the bank has put in place various intervention initiatives that are aimed at supporting and empowering SMEs.
Breakdown of the loan: The loan is comprised of N50 billion to soya beans farmers, N7 billion to cotton farmers, and N9 billion to be extended to cassava farmers. The aim is to boost the production of these items in Nigeria, thereby discouraging their importation.
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