Nigerias Central Bank Unveils Terms for Long-Term Credit to Agricultural Manufacturers and Others

The Program Involves Investment by The CBN And the General Public

The Central Bank of Nigeria (CBN) on Thursday unveiled terms for long-term credits to key sectors of the economy to boost real sector growth. A statement by the banks spokesperson, Isaac Okorafor, said the financial system regulator resolved to increase the flow of credits to agriculture and manufacturing sectors to consolidate and sustain the nations economic recovery. Apart from the oil and gas sector, which accounts for more than 70 per cent of the revenue that sustains the countrys economy, agriculture is the other segment of the economy that contributes significantly to the growth of the economy. At the end of its 119th meeting on July 23 and 24, the Monetary Policy Committee (MPC) of the central bank announced the revised guidelines for accessing Real Sector Support Facility (RSSDF) through Cash Reserves Requirement (CRR)/Corporate Bonds (CBs).