March 4, 2015- The Central Bank of Nigeria(CBN) says it has set up a N300 billion Real Sector Facility(RSF) to engender output growth, value added productivity and job creation.
In a statement issued today by the Finance Department, CBN said the facility will be used to support large enterprises for start-up and expansion financing needs.
Under the schemes, enterprises that qualify will be granted loan from N500 million to N10 billion.
“The real sector activities targeted by the facility are manufacturing, agriculture and value chain and selected service sub-sector”, the bank said.
According to the bank, the objective of the facilities are to improve access to Nigerian SMEs to fast-track the development of the manufacturing, agriculture value chain and services sub-sector of the Nigerian economy; increase output, generate employment, diversity the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable bases.