The Bank of Industry (BOI) has announced the palliative measures it has put in place for debtors as the ravaging COVID-19 hits the Nigerian economy.
Recall that on March 29, President Buhari had in a national broadcast announcing the measures the government was taking to cushion the effect of COVID-19 on the economy, directed credit institutions to allow a 3-month period moratorium on loan repayment.
In line with the directive, the BOI said it had informed its customers about the moratorium period, adding that they could ask for an extension of the moratorium period by applying. The bank also reduced interest rates on loans by 2%.
“Communicated the moratorium period of three (3) months to customers and further advised that customers requiring more than three (3) months can apply for a further extension, which can be up to one year (12) months.
“Reduced the interest rates on all BOI-funded projects by 2% pa from 10% to 8%, with effect from April 1. This has also been communicated to customers and partnering commercial banks,” the bank stated.
The BOI also said it had secured a reduction of interest rates on funds it manages from 8% per annum to 6% per annum by working with funding partners, especially the Nigerian Content Development Management Board.
All intervention funds granted by the Central Bank of Nigeria and disbursed by the Bank of Industry have been covered by the CBN’s palliative measures, which include moratorium extension and interest rate reduction to 5% per annum, the BOI said.
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