The Federal Executive Council (FEC) has approved the issuance of a Sovereign Guarantee of 500 million Euros (N200bn) from the Credit Suisse AG London Branch and a syndicate of international lenders as collateral for 500m Euro facility to the Bank of Industry (BoI). The Minister of State, Budget and National Planning, Clement Agba, who spoke with State House Correspondents yesterday after the FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja, said the loan was basically to finance major industrialization projects and micro-small and medium enterprises values chains in Nigeria for up to five years tenure at affordable rates.

Agba, who said the rates are single digit rates, said the guarantor of the loan, to be executed through the Ministry of Finance, Budget and National Planning, shall be the Federal Republic of Nigeria.

He added that the main objective of the loan was to support industry, revitalize agro-industrial processing zones, and facilitate the creation of new jobs. “We do believe that about 1.2 million jobs will be created through this facility; increase the income of farming communities and promote the inclusion of SMEs and small holder producers in the industrial value chain and the deployment of transportation infrastructure that connect farming communities to processors and market. The loan will be swapped to Naira by the CBN to mitigate the foreign exchange risk and the fund will, therefore, be available to Nigerian enterprises at a more affordable rate and in local currency,” he added. Also during yesterday’s meeting, the Minister of Power, Engr.

Sale Mamman, said the FEC approved the memo seeking for the ratification of the president to release two million dollars as part of Nigeria’s contribution to the West African Power Pool.

https://www.dailytrust.com.ng/fec-approves-n200bn-loan-for-bank-of-industry.html

Money nobody can access!

All is well

Money that Is for the wealthy..

Poor Nigerians would be left to suffer

Every effort to improve the micro and macro economy is well.

God bless Nigeria.

We keep withdrawing, never have we deposited... It's well

Ojk

It's well...

BTW

Bank of industry that's not helping industries, is that one a bank of industry?

Hmm..

Where are all these monies going to?

Nigeria!

Na wah
They'll borrow from London, IMF, World Bank, Nigerian Banks, USA, China, yet we don't see what they're doing with the money.
If you give Buhari the chance he can even borrow from microfinance bank!

This people will just be calling money anyhow as if money is their mate..na wao

GOOD ONE

Every news na money but that is not the case out there on the street...

Where the money come dey

Ok. Latest on Babcock: https://www.nairaland.com/5541208/babcock-university-should-never-blamed#84224590

I jus dey wonder how much of dah money go reach bank las las

That is why they want 1 Nigeria

All for the personal gain

Do you need a logo?

Contact me through my signature

PMB is working hard to get Nigeria working but the sons and daughters of perdition are too blind to see it.

I am sure that the "how will it benefit the common man" crew will soon come for my head.

joytothewise:

That is why they want 1 Nigeria

All for the personal gain

Exactly

Shuuu

Who are those qualified to take this loan?

ZombieTERROR:


Exactly

Government in Nigeria is meant for destruction

Check my signature biko


I've your laptop and you have my money. Lets do the exchange!

BOI is a corruption cesspit

How can one access this loan?

Not accessible to the common men on the street..the real naughty men get it and do nothing with it and the masses pay back..