The Central Bank of Nigeria (CBN) has announced that it recovered N471.82 billion as cumulative repayments from its intervention programmes in the first half of 2022. This marks a significant increase of 67.3 percent compared to the preceding half of 2021, according to the apex bank’s half-year report for 2022.
The CBN implemented credit facilities as part of its development finance interventions in critical sectors of the economy. These interventions aimed to improve access to credit, ensure price stability, and support job creation and economic recovery. However, repayment by beneficiaries has posed challenges, prompting the bank to take additional measures.
The half-year report revealed that the cumulative repayments from the CBN’s intervention programmes rose by 67.3 percent, reaching N471.82 billion compared to N282.3 billion in the preceding half. This increase indicates a heightened focus on loan recovery and positive returns on the intervention programmes.
The report also highlighted the beneficiaries of the CBN’s intervention programmes, stating that a total of 240 projects, including state-based initiatives, as well as 95,091 individuals and businesses, benefited from the bank’s 17 intervention programmes during the review period.
The recovery of N471.82 billion in repayments signifies progress in the CBN’s efforts to ensure the sustainability of its interventions and promote responsible borrowing. Strengthening loan recovery processes not only reinforces the financial position of the bank but also allows for reinvestment in new intervention projects.
The CBN remains committed to its development finance interventions as it works towards achieving economic stability and inclusive growth. The recovery of repayments reflects the effectiveness of the intervention programmes in driving economic progress, financial stability, and job creation.
Looking ahead, the CBN will continue to evaluate the impact of its intervention programmes, implement measures to enhance loan recovery, and allocate resources to sectors that require support for sustainable development.
The successful recovery of a substantial amount in repayments demonstrates positive momentum and validates the CBN’s efforts to drive economic recovery and financial resilience in Nigeria. By continuing to refine its intervention strategies, the CBN aims to contribute to the overall economic well-being of the country.
