Business

COVID-19: Things Africa governments are doing to cushion SMEs

Source: National Pilot newspaper

Nigeria

In Nigeria, the central bank announced a credit relief of $136.6M to businesses affected by the pandemic.

Small and medium-sized enterprises, airline service providers, hotels, health care merchants would be beneficiaries of the funds, according to the Central Bank Governor, Godwin Emefiele.

“The CBN hereby establishes a facility through for households and small- and medium-sized enterprises (SMEs) that have been particularly hard hit by Covid-19,” he said.

Another intervention the bank included is reduction of interest rates for a loan from 9% to 5% retroactively.

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Mohammed Awal

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