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Loans: FG assures N-Delta investors of single digit interest

By Chris Ochayi

DETERMINED to fast-track economic diversification and industrialisation of the Niger Delta, the Federal Government has promised investors in the region a single digit interest rate for loans secured from financial institutions.

Minister of Niger Delta Affairs, Pastor Usani Uguru Usani, made the disclosure, weekend, during the Presidential Initiative for Economic Diversification and Industrialisation of the Niger Delta region, held in Calabar, Cross River State.

He said: “The Federal Government has decided to facilitate availability of credit to investors through the Bank of Industry, Bank of Agriculture Development, Nigeria Export and Import Bank and other financial institutions at a single digit rate.”

The minister said the ultimate goal of the Presidential Initiative is job creation in the Niger  Delta region.

He added that the Ministry of Niger Delta Affairs is co-ordinating the programme for successful implementation with state governments driving the investment programme.

According to him, the expectation is that each state in the Niger Delta will choose private investors, who will carry out investments in their areas of competence, comparative and competitive advantages.

In his remarks, governor of Cross River State, Ben Ayade, said the state government is ready to key into the presidential initiative and assured that the necessary support and cooperation would be provided for the success of the programme in the state.

Some of the industries visited by the Presidential Initiative team and investors include: Cross River State Industrial Park, Cross River Garment Factory, Cross River Rice City, Obassi Poultry Farm, Cross River State Plastic Factory, Sancarlos Banana Plantation, National Integrated Power Plant, Real Plantation Limited, Tinapa International Resort and Cross River State Power Plant.



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