CBN Disburses N10bn To Revive Distressed Companies In Kano

Companies in Nigeria’s second most populous state, Kano, have received N10bn from the Central Bank of Nigeria to cushion the impact of the Covid-19 pandemic.

Nigeria’s apex bank disbursed the fund through a consortium of Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development and Manufacturers Association of Nigeria.

The Director-General of the Kano Investment and Diaspora, Hajiya Hama Ali, said these at a meeting on the Kano Turnaround Project. 

The DG also disclosed that the facility would target not less than 50 companies hit by the pandemic.

She also hinted of a possible increase of the intervention fund by the CBN.

Ali said, “We and our development partners came up with this initiative in order to support our affected industries, because it is worrisome to see our industries in this condition.

“Our agency has produced an Expression of Interest form for interested companies, and that the deadline for the submission of applications is February 25.

“Our doors will be open to any company until the application reaches at least 50, from then we will see if they can exhaust the N10bn or not.”