Banks credit to the private sector rose from N35.18tn recorded at the end of January 2022 to N42.25tn in the corresponding period of 2023, figures obtained from the Central Bank of Nigeria have shown.
The CBN’s money and credit statistics indicated this amounts to a rise of N7.07tn in the one-year period. The figures also showed that total credit rose to N30.41tn as of the end of January 2021 from N26.65tn at the end of January 2022.
While delivering the Monetary Policy Committee report in January, the CBN Governor, Godwin Emefiele, said the committee reviewed the performance of the bank’s various interventions aimed at stimulating production and productivity across the real sector.
He said, “Between September and October 2022, under the Anchor Borrowers’ Programme, the bank disbursed N41.02bn to several agricultural projects, bringing the cumulative disbursements under the programme to N1.07tn to over 4.6 million smallholder farmers cultivating or rearing 21 commodities across the country.
“The bank also released N300m to finance large-scale agricultural projects under the Commercial Agriculture Credit Scheme, bringing the total disbursements under the scheme to N745.31bn for 680 projects in agro-production and agro-processing.
