Covid-19 and its untold impacts has caused a lot of panic in the business scene all around the world, Nigeria inclusive. Many SMEs are worried about business continuity for their businesses post-Covid. For some other businesses, there are tensions stemming from the present failures the pandemic has introduced. Considering the strategic role MSMEs play in the overall economic growth and stability, there is an imminent need to provide palliatives.
The apex bank of Nigeria (CBN) has swung into action by introducing a special pricing offer on the existing CIFI (Creative Industry Financing Initiative) loans. In addition to this, they are injecting N100bn into the economy that will be disbursed through the Intervention Fund Scheme for Health Sector businesses. The choice of sector for the new intervention is deliberate following the current realities and the need to strengthen the health sector.
Whether you play in the creative space or health sector you can enjoy the special intervention program designed by the CBN to cushion the impacts of Covid-19. Businesses in these sectors will enjoy a first of its kind interest rate of 5% per annum till the 28th of February 2021 after which it reverts to 9% from the 1st of March 2021. Fashion Designers, Movie producers, Software Developers, Healthcare Products Manufacturers, Healthcare Service Providers, Healthcare Value Chain Players, etc. are examples of beneficiaries under this scheme.