Tuesday, 4 September 2018

Nigerian Barbers, Vulcanisers, Hair Dressers, To Receive N220bn CBN Loan

The Central Bank of Nigeria (CBN) said it had set aside N220 billion to be disbursed as loans to cooperative organizations under Micro Small and Medium Enterprises Development Fund (MSMEDF).

Isaac Okorafor, Director, Corporate Communications Department of the CBN, announced the plan while addressing journalists at Gombe on Monday during the banking program on Promoting Financial Stability and Economic Development.

The loan was set specifically for artisans, including people into vulcanizing works, hair dressing and barbing among others.


"If you empower this group of people, the economy will move faster because they will also employ others," he said.

He added that they were discouraged because they needed to have a collateral.

"This is the reason why we made it possible for them to access their cooperative organizations.

"The loan is without collateral and the interest is only nine per cent." He said.

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