The Central Bank of Nigeria has lent businesses N9.3 trillion, about 31% of that amount, to manufacturers. However, the central bank has already received N3.7 trillion while the remaining N5 trillion was not yet due.
Dr. Yusuf Yila, Director of Development Finance at the Central Bank of Nigeria, provided this information to the media at a press conference on Wednesday in Abuja following the 287th Monetary Policy Committee. He pointed out that this was the first time that manufacturers have access to a long-term financing plan with an appropriate moratorium.
He mentioned that the intervention funds had been cut back in an effort to control inflation.
He stated that the Anchor Borrowers Program has recovered N400 billion and distributed N1 trillion.
The bank had established a bureau in collaboration with the Economic and Financial Crimes Commission to pursue loan recovery, so he asked debtors to pay back their obligations.
He asserted that the intervention had benefited important sectors like agriculture, industry, health, exports, and SMEs and that most of the loans had been securitized.
- Tags: #CBN, #loan, #manufacturers
