CBN extends N500b lifeline to airlines

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Troubled airlines got a breather yesterday. The Central Bank of Nigeria (CBN), said it was extending a N500 billion fund meant to stimulate credit to the power and manufacturing sectors to support the beleaguered aviation industry.

Airlines have gone through rapid expansion in recent years and are heavily indebted to the banks, which are just recovering from the impact of a N600 billion bailout last year.

CBN extends N500b lifeline to airlines