CBN spends N9trn on interventions in 3yrs

The Central Bank of Nigeria (CBN) says it has disbursed N9.714 trillion in financial interventions to different sectors of the economy in the last three years.

The apex bank said the larger chunk of the disbursement of N3.166 trillion or 32.6 per cent of the total disbursements went to manufacturing and industries.

The Director, Development Finance Department (DFD), Central Bank of Nigeria (CBN), Mr Yusuf Yila, assured that the “Development Finance Department of the Central Bank of Nigeria is committed to the goal of sustainable economic growth.”

Yila spoke at the department’s 2022 retreat in Abuja with the theme, ‘Financing for sustainable development in Nigeria’.

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At the event, he stated that the “DFD has been at the front bench of food security for Nigeria in recent years through a plethora of programmes and initiatives.

The disbursements of the N9.714 trillion are: N2.243 trillion or 23.1% to energy and infrastructure: N2.214 or 22.8% to agriculture; N1.010 trillion or 10.4% to services; N689.694 billion or 7.1% to Micro Small and Medium Enterprises (MSMEs); N233.136 billion or 2.4% to export and; N135.996 billion or 1.4% to health.

Yila said the department has “developed an advanced system for linking farmers to input suppliers and providing access to markets for farm products.”

Also speaking at the event, the Deputy Governor, Financial System Stability of the CBN, Mrs Aisha Ahmad, noted that “the loans, which have been disbursed by the CBN through the Development Finance Department, have impacted greatly on the sustainability of Nigeria’s agriculture value chain.”

This, she said, resulted “in the third quarter GDP report released by the NBS which shows a growth of 29.9 per cent from 21 per cent recorded in the first quarter of 2021.”