Business
CBN’s financial interventions hit N9.714trn in three years
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.
Mr. Yusuf Yila Director, Development Finance Department (DFD) of the CBN who made the disclosure, said the largest chunk of the disbursement, totalling N3.166 trillion or 32.6 percent, went to manufacturing and industries.
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. At the event.
He further stated that the “DFD has been at the frontbench of food security for Nigeria in recent years through a plethora of programmes and initiatives.
Other disbursements made from the N9.714 trillion are: N2.243 trillion or 23.1 percent to energy and infrastructure: N2.214 or 22.8 percent to agriculture; N1.010 trillion or 10.4 percent to services; N689.694 billion or 7.1 percent to Micro Small and Medium Enterprises (MSMEs); N233.136 billion or 2.4 percent to export and N135.996 billion or 1.4 percent 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”.
He noted that, “the entire agricultural value chain has seen a transformation not witnessed before and we are certain the global headwinds, which has distorted outcomes for most economies across the world, will abate”.
Yila insisted that “Nigeria is on the path of sustainability and food security”.
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 has 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 percent from 21 percent recorded in the first quarter of 2021”.
She appealed to beneficiaries of CBN interventions “to pay up the loans so that other people can also benefit”
In his goodwill message, Jigawa state governor, Alhaji Mohammed Badaru Abubakar said the “different interventions by the CBN have impacted tremendously in states especially Jigawa state”.
