Lagos - The Central Bank of Nigeria (CBN) said on Wednesday it had released guidelines for the disbursement of N300 billion for Real Sector Support Facility (RSSF).
A statement by the CBN in Lagos conveying this information said the facility was to stimulate output growth, productivity and job creation.
It said that the facility, aimed at unlocking the potential of the real sector, would be used to support large enterprises for start-ups.
It said that the facility would be for the expansion of financing needs of N500 million up to a maximum of N10.0 billion.
Also read: CBN claims credit for reduction in kidnappings
The CBN said the real sector targeted by the facility were manufacturing, agricultural value chain and selected service sub-sectors.
The apex bank added that the idea behind the facility was to improve access to the Small and Medium Enterprises (SMEs).
It said that the multiplier effect of the facility was that it would increase output, generate employment and diversify the country’s revenue base.
Others, it said, included increase in foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.
It added that the Development Finance Department would be responsible for the day-to-day administration of the facility. (NAN)