ANNOUNCEMENT 16 Apr 2010

In April 2010, the government of Nigeria announced a change in private-sector financial support.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 1 neutral
  • 0 liberalising

SOURCE



Central Bank of Nigeria. '200BN Fund for Re-financing and Restructuring of Banks' loans to the manufacturing sector.' http://www.cenbank.org/out/2010/circulars/dfd/GUIDELINES%20ON%20N200%20BILLION%20REFINANCING%20MANUFACTCTURING%20SMES%20FINAL%20ABBA.pdf


Inception date: No inception date

Capital injection and equity stakes (including bailouts)

The Central Bank of Nigeria (CBN) as part of an N500billion power and real sector fund has given N200 billion to restructure and refinance existing bank loans to the Nigerian SMEs (Small and medium scale enterprises) or manufacturing sector. Included in the objectives of the fund is to 'fast-track the development of the manufacturing sector by improving access to credit to manufacturers' and 'increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis. The fund defines manufacturers to include SMEs 'as entities with an asset base (excluding land) of between N5million and with a labour force of between 11 and 300.'

Included in the objectives of the fund is to 'fast-track the development of the manufacturing sector by improving access to credit to manufacturers' and 'increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis. The fund defines manufacturers to include SMEs 'as entities with an asset base (excluding land) of between N5million and with a labour force of between 11 and 300.'
 
 

AFFECTED PRODUCTS

 
N/A