The Central Bank of Nigeria has directed deposit money banks to increase lending to agricultural sector to check rising food prices.
This is a follow up from its 262nd Monetary Policy Committee meeting.
The Apex bank pegged the interest rate of lending at nine per cent per annum with a minimum tenor of seven years and a moratorium of two years.
This will encourage commercial banks to increase lending to the manufacturing and agriculture sectors and aid employment generation in the economy.
Nigeria’s Liabilities to World Bank
Report says Nigeria’s liabilities to the World Bank Group now stands at $8.52 billion Statistics obtained from the Debt Management Office in Abuja indicated that the group’s portfolio rose from $5.73bn in 2015 to $8.52bn in 2018.
By that data, the bank’s commitment to Nigeria rose by $2.7bn within three years.
A greater part of the debt belongs to the International Development Association, an arm of the World Bank that gives concessional loans to poor and fragile countries.