National Economic Reconstruction Fund Act. Country/Territory Nigeria Document type Legislation Date 1989 Source FAO, FAOLEX Long titleAn Act to establish the National Economic Reconstruction Fund, to correct, inadequacies in the provision of medium to long-term financing to small and medium-scale industrial enterprises, provide medium and long-term credit to commercial banks for on-lending and for matters connected therewith. Subject Agricultural & rural development Keyword Agricultural development Institution Credit Subsidy/incentive Sustainable development Geographical area Africa, North Atlantic, Western Africa Abstract This Act establishes the National Economic Reconstruction Fund, which shall, among other things: (a) be instrumental in the correct provision of medium to long-term financing to small and medium-scale industrial enterprises, especially manufacturing and agro-allied enterprises; (b) provide loans to participating commercial and merchant banks for on-lending to small and medium-scale enterprises; and (c) facilitate the provision of loans with five to ten year maturity, including a grace period of one to three years, depending on the nature of the enterprise or project. The Act also establishes the National Economic Reconstruction Fund Committee and defines functions and obligations of participating banks. Full text English Website www.placng.org