The Central Bank of Nigeria (CBN) and Federal Government collectively mobilised and injected N5 trillion to support households and businesses in the face of daunting economic challenges triggered by COVID-19, CBN Governor, Godwin Emefiele announced yesterday.
Speaking at the second National Risk Management Conference in Lagos, with the theme: “Risk Management in the Promotion of Financial System Development for Economic Growth”, he said the apex bank deployed more than N3.5 trillion, about 4.1 per cent of Nigeria’s Gross Domestic Product (GDP) to critical sectors of the economy- agriculture, manufacturing, electricity, and healthcare.
The funds were deployed to stimulate and help the economy recover from the deep shock. In the real sector, he said the apex bank has released the sum of N66.99 billion to 12 additional projects in manufacturing and agriculture. Cumulative disbursements under the Real Sector Support Facility (RSSF) currently stands at N2.10 trillion disbursed to 426 projects across the country. Emefiele, who was represented by CBN Director, Financial Markets Department,
Mrs. Angela Ade Sere-Ejembi, disclosed that under the 100 for 100 Policy on Production and Productivity (PPP), the apex bank disbursed the sum of N20.17 billion to 14 projects in healthcare, manufacturing, and services, bringing the cumulative disbursement under the facility to N93.39 billion to 62 projects. (The Nation)
