Manufacturing gets bulk share as CBN disburses N9.714 trillion credit to different sectors

32.6 percent of the total monetary intervention (N3.166 trillion) went to manufacturing and industries.

Other sectors which benefited from the CBN’s N9.714 trillion intervention include: Energy and infrastructure which got N2.243 trillion representing 23.1 percent of total funds, Agriculture got N2.214trillion representing 22.8 percent, Services got N1.010 trillion representing 10.4 percent; Micro Small and Medium Enterprises (MSMEs) received N689.694 billion representing 7.1 percent; Export got N233.136 billion representing 2.4 percent while Health got N135.996 billion representing 1.4 percent.

The intervention by the CBN comes amid calls by the private sector on the need for the FG to support the sector as the global economic outlook has been uncertain for a while.

According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Two million micro and small and medium enterprises (MSMEs) shut down operations between 2020 and 2021.

This was revealed by the association’s Director-General, Mr Olawale Fasanya, during the National Conference on MSMEs in Lagos. This development has led to the reduction of SMEs from 41.5 million to 39.5 million.

“The last National MSME Survey conducted by SMEDAN and the National Bureau of Statistics put the total number of MSMEs in Nigeria at over 39 million. The sub-sector is therefore very critical at the global, national and sub-national levels, especially for socio-economic reasons. It is important to point out that there were about two million MSMEs that closed shop between 2017 and 2021 largely due to the COVID-19 pandemic, issues that bordered on insecurity and lack of enabling environment for MSMEs to start and grow,” Fasanya said.

To further support the FG’s move to improve the fortunes of the economy, the Deputy Governor, Financial System Stability of the CBN, Mrs Aisha Ahmad also mentioned the huge impact the loans which have been disbursed by the CBN through the DFD have made on the sustainability of Nigeria’s agriculture value chain.