FG to inject N500bn into mortgage bank to tackle housing deficit – Minister
The Federal Government says it will inject N500 billion into the Federal Mortgage Bank to enable it meet the housing needs of Nigerians.
Minister of State for Power, Works and Housing, Mustapha Baba, who disclosed this on Monday in Jalingo, said that the measure would help the the bank to adequately cater for the rising mortgage finance needs of workers.
Baba spoke while inaugurating the ministerial pilot housing scheme project, financed by the Federal Mortgage Bank in the Taraba capital.
He commended the bank’s efforts toward meeting the challenge of housing deficit, in spite of the economic challenges facing the nation.
$4.5bn China Loan to be Committed to Agric Mechanisation – Ogbeh
The Minister of Agriculture and Rural Development, Chief Audu Ogbeh has assured that the $4.5bn that will come to the agriculture sector from the Chinese government as grant to Nigeria would be used to effectively boost agric mechanization even as he noted that the grant must be approached with caution.
It would be recalled that as a way of strengthening the bilateral relationship between Nigeria and the Republic of China, President Mohammed Buhari in April 2016 visited China and the Chinese President, Mr. Xi Jinping promised to grant Nigeria a loan for infrastructural development”
FG Extends N140bn Microcredit Loans To Plateau, Jigawa, Kebbi
The rollout of disbursements of N140 billion MarketMoni, a microcredit scheme providing interest-free loans to market women, artisans, enterprising youth and farmers, one of the social intervention programmes of the Federal Government has been extended to Plateau, Jigawa and Kebbi States.
MarketMoni, also known as the Government Enterprise and Empowerment Program (GEEP) executed by the Bank of Industry (BOI), seeks to bridge the long-standing financing gap for Nigerian micro-businesses at the base of the pyramid. It targets beneficiaries through their accredited market associations and cooperatives.
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The Government Enterprise and Empowerment Program (GEEP) – GEEP is an initiative of the federal government of Nigeria and Bank of Industry (BOI). The GEEP program offers a no-interest loan scheme with a one-time 5 percent administrative fee for costs. GEEP to date has disbursed 23,400 loans to artisans, traders, farmers and entrepreneurs across 13 states.
You can make GEEP part of your success story by applying for funding here. boi.ng/marketreg
BoI, Bayelsa unveil N2b MSME matching fund
The Bank of Industry (BoI) and Bayelsa State government have unveiled a N2 billion Micro Small and Medium Enterprise (MSME) matching development fund to support entrepreneurs in Bayelsa as part of efforts to encourage value-addition to the nation’s natural resource endowments.
Indeed, the development finance institution (DFI) highlighted the need to drive MSMEs especially in agriculture, considering the sector’s potential to achieve industrialisation and support federal government’s efforts to diversify the economy.
Bayelsa State Governor, Henry Dickson, explained that entrepreneurship agreement such as the one initiated with the bank is vital for rapid economic growth in the state.
CBN disburses $2.83bn to boost manufacturing, agriculture, others
Central Bank of Nigeria (CBN) disbursed the sum of $2.83 billion for utilisation to critical sectors of the economy between December 2016 and January 2017. In a statement by Isaac Okorafor, acting director, corporate communications department, CBN, the manufacturing, raw materials and agriculture among others topped these disbursements targeted at employment generating and wealth creating…
Nigerian Army commends FMBN for N32m mortgage refunds, loan accessibility
The Federal Mortgage Bank of Nigeria (FMBN) on Monday received commendation from the Apapa Command of the Nigerian Army for what it called “the bank’s efforts as a strategic partner in enhancing the welfare of officers and personnel of the Nigerian Army.”
This was expressed during a recent courtesy call on the FMBN Apapa District office by the command’s leadership, which was led by J.O Ozigi, who is the director of Nigerian Army Finance and Accounts (DAFA), even as the bank has disbursed N32 million as refunds to 383 eligible personnel of the Nigerian army.
NIRSAL unveils scheme to increase farmers’ profit
The Nigerian Incentive Based Risk Sharing for Agricultural Lending has commenced a scheme that will make it possible to move grains through the railway in an efficient and effective manner to reduce wastage and increase profit margins for farmers.
NIRSAL was set up by the Central Bank of Nigeria to de-risk and increase the flow of private sector finance into the agriculture sector.
The grains by rail initiative, according to a statement by NIRSAL on Sunday, is in line with the focus of the Federal Government to make agriculture a key anchor of economic diversification.
It said the scheme, which is being implemented by NIRSAL in partnership with Connect Rail Services and the Nigeria Railway Corporation, had already seen the movement of 800 tonnes of soya beans from Katsina to Lagos.