CBN disbursed N145 billion under its non-oil export stimulation facility

The Central Bank of Nigeria has disbursed a total of N145.99 billion under its Non-Oil Export Stimulation Facility (NESF).

This was disclosed in the CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO. 138 OF THE 281ST MONETARY POLICY COMMITTEE MEETING.

The apex bank through a series of interventions has tried to reduce the hardship and boost economic growth by promoting other lagging sectors.

What the CBN is saying

According to the CBN, “The Bank has disbursed a total of N145.99 billion under its Non-Oil Export Stimulation Facility (NESF). The CBN has revised the guidelines, working with Nigerian Export-Import Bank to improve access to the intervention and stimulate non-oil export growth in Nigeria.”

The apex bank has also played a substantial role in the development of the real sector, as it stated that, “Under the Real Sector Facility, the Bank released the sum of N1.00 trillion to 269 real sector projects, of which 140 are in light manufacturing, 71 in agro-based industry, 47 in services and 11 in mining.”

The was also a similar intervention in the health sector, as the CBN stated “Under the Healthcare Sector Intervention Facility (HSIF), N103.02 billion has been disbursed for 110 healthcare projects, of which 27 are pharmaceutical, 77 hospitals and 6 other healthcare service projects.”

What you should know

• Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), earlier revealed that the financing gap for Micro, Small and Medium Enterprises (MSMEs) in Nigeria is estimated to be over N617.3 billion each year.
• The CBN in the past has made many efforts to boost access to credit for Micro, Small and Medium Enterprises (MSMEs). Last month, the apex bank developed guidelines for the regulation and supervision of credit guarantee companies in Nigeria.
• The CBN disbursed N134.57 billion to Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), and for the Targeted Credit Facility (TCF), the sum of N343.21 billion.