Hey Entrepreneur! Here are some COVID-19 Palliative Measures you can take advantage of

Hey Entrepreneur! Here are some COVID-19 Palliative Measures you can take advantage of

April 10, 2020

COVID-19 Alert - Taking Advantage of Palliative Measures

Dear ,

In light of the recent global crisis brought about by the novel Coronavirus (COVID-19 or the Pandemic), countries around the world have put in place various measures to cushion the effects of the Pandemic.

Such measures range from border closures, restriction of movement and provision of welfare packages for citizens. Apart from individuals, small companies, no doubt are also more susceptible to the uncertainty and economic downturn caused by the Pandemic. In this article, we consider the various measures introduced or proposed by the Nigerian Government to provide relief:

Here are some of the measures:

  1. Creation of a 50 Billion Naira targeted credit facility - This would be administered through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending's Microfinance Bank for households and SMEs that have been particularly hit hard by COVID-19, including but not limited to hoteliers, airline service providers, and health care merchants.

  1. Interest rate reduction - Interest rates on all applicable CBN intervention facilities are hereby reduced from 9 to 5 percent per annum for 1 year.

Stay Safe!Sincerely,Oluchi Johnson-AchibiriCommunity Manager, msmehub.orgFATE Foundation1st Floor, Water Corporation BuildingIjora, Lagos

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