With businesses big and small, production and services being affected by the coronavirus pandemic, Nigeria’s Bank of Industry has revealed it has come up with measures to support its customers.
Part of the measures, the bank disclosed on Monday, is notifying its customers and partner commercial banks of the reduced interest rates on all facilities by two per cent, and has, in compliance with the Federal Government’s directive, approved a three-month moratorium for all facilities advanced by it.
Also, the bank made it known that, in addition to the three-month moratorium directive by the government, it has advised customers to apply for moratorium up to 12 months should the three-month grace not be sufficient.
According to a statement released by the BoI, one of the measures include “reduction of the interest rates on all BoI-funded projects from 10 per cent to eight per cent, with effect from April 1.”
The statement further reads, “The bank worked with the Nigerian Content Development Management Board to reduce the interest rates on credit facilities approved under its managed fund from eight per cent to six per cent per annum.
“Moreover, all intervention funds granted by the Central Bank of Nigeria and disbursed by the BoI have been covered by the CBN’s palliative measures, which include moratorium extension and interest rate reduction to five per cent per annum, which has also been communicated to the relevant customers.”
In addition, the bank has committed N700m donation to the Coalition of COVID-19 fund, to the Lagos State government.
It said, “Also, in the bank’s bid to support the government and the private sector initiative to fight COVID-19, the bank donated N700m to both the CACOVID Fund, as well as the Lagos State government and the Federal Capital Territory Ministerial Committee on COVID-19.”
The bank further restated its commitment towards economic development and industrialisation.