It’s been a strenuous time globally as a result of the pandemic that has engulfed nations, some developed countries have found ways to contain the effect of COVID- 19, with evidence of decreasing cases. In other developing countries, the virus is resurging or continuing to spread quickly. This is still a global problem calling for a global response.

In Nigeria, the Central Bank of Nigeria as a means of mitigating the impact of the novel coronavirus on micro, small and medium-sized businesses MSMEs, recently unveiled a 50 billion credit facility and cut down the interest rate on intervention funds from nine to five per cent among other measures to support businesses.

Stakeholders in the agricultural sector lauded the step by the apex bank to support the survival of agribusinesses in this difficult moment of the economic fallout of the COVID-19 pandemic as well as prepare the sector for the post-COVID era.

Kareem Sanni, a cocoa value chain stakeholder, said he strongly believes these interventions of lower interest rate, extended moratorium and the targeted credit facility would help to boost the recovery process post-COVID-19 in the sectors covered by the fund, including the agro-agro-allied sectors.

“For agriculture and agribusiness, an extension of moratorium and reduction of interest rate will benefit small and medium scale agribusiness as well as agro-allied industries.

“However, the government can do better by honestly earmarking a large percentage of N50 billion strictly for agribusiness, making it accessible and as well making the potential beneficiaries aware of the availability of this facility by way of advertisement.”

Continue reading at... https://www.sme360.ng/2020/05/29/cbn-target-driving-agribusiness-through-50bn-credit-facility-interest-rate-cut/