Banks provide over N738bn credit to manufacturing related activities —Emefiele

GOVERNOR of the Central Bank of Nigeria (CBN) Mr. Godwin Emsfiele has disclosed that over  N738  billion  has  been provided  as  credit  to  manufacturing related activities by the banking sector in the last 9 months, adding that  total  gross  credit  rose  byover  21  percent  over  the  past  year, from N15.5 trillion to N19.54 trillion.

Emefiele who who revealed this on Friday at the 55th Annual Bankers Dinner in Lagos said this is made possible through strengthening the  Loan  to  Deposit ratio  policy,  which  has equally resulted  in  a significant  rise  in  loans  provided  by financial  institutions  to  banking customers.

He said as part of measures to reduce the effect of Coronavirus- induced kickdown, the CBN creat  of  N150  billion  Targeted Credit  Facility  (TCF)  for  affected households  and  small  and  medium enterprises  through  the  NIRSAL Microfinance  Bank.

Already, N149.21 billion has been disbursed to 316,869 beneficiaries.  “Given the resounding success of this program and its positive impact on  output  growth,  we  have decided  to  double  this  fund  to  about N300  billion,  so  as  to  accommodate many  more  beneficiaries  and  boost consumer  expenditure  which  should positively impact output growth.

“The Bank also disbursed Agri-Business/Small and  Medium Enterprise  Investment  Scheme (AGSMEIS)  (N92.90  billion  to  24,702 beneficiaries),  Anchor  Borrowers Program (ABP) by the sum of N164.91 billion to 954,279 beneficiaries. “Mobilization of key stakeholders in the Nigerian economy  through  the Coalition  against  COVID-19(CACOVID),  which  led  to  the provision  of  over  N28billion  in  relief materials to affected households, and the  set-up  of  39  isolation  centers across the country,” the governor stated.

The CBN also created a  N100  billion intervention  fund  in  loans  to pharmaceutical  companies  and healthcare  practitioners  intending  to expand and strengthen the capacity of Nigeria’s  healthcare  institutions.

So  far  60 health care related projects are being funded  to the tune of over N60 billion as a result of the intervention, according to Emefiele .

Other activities are: creation of  a  research  fund,  which  is designed  to support the development of vaccines in Nigeria; establishment of a N1 trillion facility in loans to boost local manufacturing and production across critical sectors;  53 major  manufacturing  projects,  21 agriculture  related  projects  and  13 service  projects   being  funded  to the tune of over N360 billion from this facility.

“The impact of these measures along with the removal of restrictions on movement and resumption of  international  travel,  led  to improvement  in  key  indicators  of  the economy,  as  several  economic  activities returned to positive growth.

“A sectoral assessment of economic activities in  the  third  quarter  indicates  that  the economy  witnessed  positive  growth  in  key sectors  such  as  Information and Communications  Technology,  Agriculture among others.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

#EndSARS: As British Parliament Hears Petition, UK Govt Says It Won’t Speculate On Sanctions

The British Parliament at the Westminster Hall held a debate on ‘e-petition 554150, relating to Nigeria and the sanctions regime’ on Monday. The government of the United Kingdom has however responded…

2023 Presidency: APC Govs’ Meeting With Jonathan Sparks Controversy

The surprise visit made on Friday night by the leaders of the ruling All Progressives Congress (APC) to former President Goodluck Jonathan at his residence in Abuja triggered a stir in the major political camps, resulting in at least four possible theories…

After Two Years, Daddy Freeze Apologises To Bishop Oyedepo
Daddy Freeze whose real name is Ifedayo Olarinde has apologised to Bishop Oyedepo who is the presiding bishop and founder of Living Faith Church aka Winners Chapel…