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CBN Governor, Godwin Emefiele

Loan: CBN disburses over N300 billion to SMEs, health, agric, manufacturing sectors

Abiola Odutola by Abiola Odutola
3 years ago
in Politics, Socio Economic
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The Central Bank of Nigeria (CBN) has disbursed over N300 billion to operators in the Small and Medium Enterprises space, together with the Healthcare, Agriculture, and Manufacturing sectors, among others to cushion the effects of the Coronavirus pandemic on their businesses.

This was disclosed in the communique issued by the Monetary Policy Committee of the Central Bank of Nigeria, which was read by the Governor of the apex bank, Godwin Emefiele,  on Monday. It is important to note that the CA-COVID Private sector intervention scheme and other sector-specific facilities are not included in the disbursed fund.

READ ALSO: Nigerians Banks issue N3.3 trillion in new loans in June 2020

While recognising the supportive developmental roles of the CBN towards addressing some structural issues amid COVID-19, the committee disclosed that the apex bank has disbursed N49.19 billion out of the N50 billion Household and SME facility to over 92,000 beneficiaries since the facility was launched in April 2020.

Also, the apex bank disbursed over N152.9 billion to the manufacturing sector to finance 61 manufacturing projects and another N93.6 billion to the Healthcare sector, amongst many other sector-specific facilities.

He said, “The N100 billion healthcare and N1.0 trillion manufacturing and agricultural interventions meant to support the rebound in growth from the impacts of the pandemic on the economy is laudable.”

READ ALSO: CBN takes another major step towards regulating Nigerian fintech firms

The Committee further commended the CBN coordinated CA-COVID – Private sector intervention scheme, which had mobilized over N32 billion to support the economy, lives and livelihoods. It was hopeful that upon further drawdown of the intervention facilities, the much-needed reset and rebound of the Nigerian economy would become a reality.

Domestic credit

Emefiele added that the aggregate domestic credit (net) grew by 5.16% in June 2020 compared with 7.47% in May 2020. According to him, the Committee commended the CBN Loan-to-Deposit Ratio (LDR) initiative to address the credit conundrum, as the total gross credit increased by N3.33 trillion from N15.56 trillion at end-May 2019 to N18.90 trillion at end-June 2020.

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He attributed the development to manufacturing, consumer credit, general commerce, information & communication and agriculture, which are productive sectors of the economy.


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Tags: Business NewsCA-COVID-19Covid-19Nigeria NewsTargeted Credit Facility (TCF)
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

Comments 8

  1. Nancy says:
    July 21, 2020 at 11:17 am

    The loan is good but CBN should make it lighter for the beneficiaries,double payment of VAT on imported equipments, and also the percentages paid to Vendors through the Narsal bank is just too much. At the end of the day the person doesn’t have enough capital to run the business.

    Reply
  2. Dayyabu lawan says:
    July 22, 2020 at 10:52 am

    Now I like this CBN loan how can I get it

    Reply
  3. Safuratu says:
    July 22, 2020 at 11:21 pm

    I wonder how some people got these loans. I applied severally but no where to be found!

    Reply
  4. Christian says:
    July 22, 2020 at 11:42 pm

    Please how can I access this CBN loan for farming and animal husbandry.I have 20 acres of land.Christian.

    Reply
  5. Bashir idris says:
    July 23, 2020 at 1:51 pm

    How I can get the loan. Please.? From CBN. Bashir

    Reply
  6. Anonymous says:
    August 3, 2020 at 11:49 pm

    How I can get the loan please from CBN Aliyu

    Reply
  7. Suleiman adamu says:
    July 16, 2021 at 9:14 am

    2184824296 Suleiman Adamu uba

    Reply
  8. ayuba abdullahi says:
    October 23, 2021 at 2:23 pm

    buni

    Reply

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