Nigeria To Allow SMES To Use Gold To Obtain Loan In Banks

Nigeria’s Small and Medium Enterprises will soon be allowed to obtain loans from banks with gold

Steel and Mines development minister, Olamilekan Adegbitewho made this known, says Gold jewellery could also be used to secure loans in banks under the proposed initiative

The minister says federal government is in talks with some of the banks in the country to create products for the implementation of the proposal

According to him, banks under the arrangement, will keep the gold in their vaults and hand over certificates to small and medium enterprises to either obtained loans from the banks or other money deposit banks

YOU CAN ALSO READ: Nigeria To Allow SMES To Use Gold To Obtain Loan In Banks

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