In a recent interview on Channel TV, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the federal government is extending significant credit facilities to boost the economy.
Large enterprises, including manufacturers, can now access loans up to N1 billion at a 9% interest rate. Similarly, small-scale businesses are eligible for loans up to N1 million under the same terms. This initiative aims to stimulate investment, increase employment, and reduce inflation by enhancing production capacity.
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Edun emphasized the government’s commitment to accelerating and expanding economic assistance. He stated that collaboration with the private sector, the Manufacturers Association, and state governors has resulted in an economic stabilization plan tailored to support both small and large enterprises.
Addressing the Central Bank of Nigeria’s (CBN) high-interest rates, Edun highlighted that the CBN’s efforts to combat inflation are yielding positive results, with a gradual decline in the inflation rate observed each quarter this year.
He stressed the importance of maintaining this strategy to further decrease inflation and stabilize prices. Edun noted that the economy has grown by 2.9% compared to the previous year, outpacing population growth. He concluded by affirming the necessity of continued support across all sectors to sustain this positive economic trajectory.
