Corona Virus: FG Provides Incentives for Micro, Small and Medium Enterprises (MSMEs)

The Federal Government of Nigeria has provided incentives for the Micro, Small and Medium Enterprises (MSMEs) as coronavirus pandemic continues to impact the economy locally and globally.

This move comes after dwindling oil prices and the coronavirus ravaged the economy of countries across the world, and also the sales of crude oil now below $25 per barrel as against the initial budget bench mark of $57 per barrel.

Nigeria currently now has 40 confirmed cases of the virus but two of those have recovered and have been discharged. Lagos State has 28 cases while Abuja 7. One death has so far been recorded.

As part of the measures to ease the effect of Covid-19, the government is cutting down interest rates of all intervention loans to 5% from its initial rate of 9% as confirmed on the Central Bank of Nigeria’s website, directing all banks to comply immediately.

The Central Bank of Nigeria (CBN) also announced that all beneficiaries of the CBN loan schemes have been granted an additional one (1) year moratorium on principal requirements.
So far, it is confirmed that the CBN has made available fifty (50) Billion Naira credit facility to MSMES affected by the impact of COVID 19.

While Complying to the directives on incentive measures by the Federal Government, the CBN have directed all deposit money banks in the Country to restructure their loan terms and tenors for businesses affected by COVID -19.
Recall that the Nigerian Government on Monday asked all its non-essential workers on Grade Level 12 and below to work from home until further notice as authorities fight to curtail the spread of coronavirus in the country. Similarly, some state Governments has also given such directiveto civil servant in their respective states.

Na now the country is gradually shutting down Una dey do this one, Abi? Stupid idiots

Interstate travels should be shut down now.

Let's be proactive for once!