Nigerian Banks Set Up $560 Million Fund for Commodity Exporters

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By Emele Onu

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Nigerian banks agreed to start a 200 billion-naira ($560 million) fund to support the production and export of commodities including palm oil, cocoa and cashew nuts, according to the managing director of United Bank for Africa Plc.

The fund is a partnership with the central bank and lenders will provide loans at single-digit interest rates with a maximum tenor of 10 years, UBA’s Kennedy Uzoka told reporters in Lagos, the commercial capital.

“The time has come to provide the stimulus for the economy to grow,” said central bank spokesmen Isaac Okorafor.

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