Nigerians textile companies to get CBN’s N50bn seed fund

Textile industry

…as apex bank rolls out modalities   The Central Bank of Nigeria (CBN) has approved N50 billion intervention fund for the revamping of Nigerian textile industry. In a document obtained from the apex bank by BusinessMetricsNG the apex bank explained the modalities of the fund as a one-off intervention with a seed fund of N50 billion that will terminate by December 31, 2025. It further stated that the financing amount is a maximum of N2 billion for a single obligor in respect of new facilities and N1.0 billion for refinancing,…

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