The Central Bank of Nigeria have announced that it has made a total of N3.5trillion disbursements to cushion the effect of COVID-19 pandemic on the country’s economy.
This was contained in a review of the 132nd communique of the Monetary Policy Committee (MPC) meeting obtained from the Apex Bank’s website, and signed by its Governor, Mr Godwin Emefiele.
Emefiele disclosed that interventions were largely in the areas of manufacturing, agriculture, electricity and gas, solar power and housing constructions among others.
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“This growth in credit was mainly to manufacturing (N866.27 billion), consumer credit (N527.65 billion), oil and gas (N477.65 billion), agriculture (N287.11 billion) and construction (N270.97 billion),’’ he said.
“Real sector funds, (N216.87 billion); COVID-19 Targeted Credit Facility (TCF), (N73.69 billion); AGSMEIS, (N54.66 billion); Pharmaceutical and Health Care Support Fund, (N44.47 billion); and Creative Industry Financing Initiative (N2.93 billion).
“Under the Real Sector Funds, 87 projects that included 53 Manufacturing, 21 Agriculture and 13 Services projects were funded.
“In the Health Care sector, 41 projects which included 16 pharmaceuticals and 25 hospital and health care services were funded. Under the Targeted Credit Facility, 120,074 applicants have received financial support for investment capital.
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He also said that “the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) intervention has been extended to a total of 14,638 applicants, while 250 SME businesses, predominantly the youths, have benefited from the Creative Industry Financing Initiative.”
Governor Emefiele added that, the CBN was also set to contribute over N1.8 trillion of the total sum of N2.30 trillion needed for the Federal Government’s one-year Economic Sustainability Plan (ESP).
He also said that the bank’s policy on loan to deposit ratio also resulted in a significant growth in credit to various sectors from N15.57 trillion to N19.33 trillion between May 2019 and August 2020.
