… Set to Amend Criminal Justice System, War Victims, Others
Williams Anuku Abuja
Members of Federal Executive Council(FEC) rose from their meeting on Wednesday, to approve a new loan facility of 500million Euros, approximately N200billion for the Bank of Industry.
According to the Minister of State for Finance, Budget and National Planning, Clement Agba, the loan is being sourced to finance major industrialization projects and micro-small and medium enterprises values chains in Nigeria for up to five years tenure at affordable rates.
He explained that the loans will be given out at single digit rates, while the federal government shall act as the guarantor of the loan.
Agba made the disclosure after the FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
His words, “Council approved the issuance of a Sovereign Guarantee of 500 million Euros from the Credit Suisse AG London Branch and a syndicate of international lenders as collateral for 500m Euro facility to the Bank of Industry.
“The main objective of the loan is to support industry; revitalize agro-industrial processing zones, to facilitate the creation of new jobs. We do believe that about 1.2 million jobs will be created through this facility; increase the income of farming communities and promote the inclusion of SMEs and small holder producers in the industrial value chain and the deployment of transportation infrastructure that connect farming communities to processors and market.
“The loan will be swapped to Naira by the CBN to mitigate the foreign exchange risk and the fund will therefore be available to Nigerian enterprises at a more affordable rate and in local currency”.
A new policy for the Ministry of Justice to amend sections of the judicial provisions, such that there will be speedy access and effective justice delivery for all Nigerians also scaled through FEC’s approval.
According to Minister of Justice and Attorney General of the Federation, Abubakar Malami, the new policy was a fallout of understanding between the three arms government, especially the multi-dimensional challenges faced in the administration of justice in Nigeria.
