{"id":26160,"date":"2020-11-06T13:29:48","date_gmt":"2020-11-06T12:29:48","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=26160"},"modified":"2020-11-06T13:29:48","modified_gmt":"2020-11-06T12:29:48","slug":"cbn-expends-n3-5-trillion-to-enhance-economic-growth","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/cbn-expends-n3-5-trillion-to-enhance-economic-growth\/","title":{"rendered":"CBN expends N3.5 trillion to enhance economic growth"},"content":{"rendered":"\n<p><strong>By Tanko Mohammed<\/strong><\/p>\n\n\n<p>The Central Bank of Nigeria (CBN)&nbsp; says it has so far made a total of N3.5trillion disbursements to cushion the effect of COVID-19 pandemic on the country\u2019s economy.<\/p>\n\n\n<p>This is contained in a review of the 132nd communique of the Monetary Policy Committee (MPC) meeting obtained from the apex bank\u2019s website, and signed by its Governor, Mr Godwin Emefiele.<\/p>\n\n\n<p>Emefiele said that interventions were largely in the areas of manufacturing, agriculture, electricity and gas, solar power and housing constructions among others.<\/p>\n\n\n<p>\u201cRecent interventions are largely in the areas of manufacturing, agriculture, electricity and gas, solar power and housing constructions among others.<\/p>\n\n\n<p>\u201cReal sector funds, (N216.87 billion); COVID-19 Targeted Credit Facility (TCF), (N73.69 billion); AGSMEIS, (N54.66 billion); Pharmaceutical and Health Care Support Fund, (N44.47 billion); and Creative Industry Financing Initiative (N2.93 billion).<\/p>\n\n\n<p>\u201cUnder the Real Sector Funds, a total of 87 projects that included 53 Manufacturing, 21 Agriculture and 13 Services projects were funded.<\/p>\n\n\n<p>\u201cIn the Health Care sector, 41 projects which included 16 pharmaceuticals and 25 hospital and health care services are funded. Under the Targeted Credit Facility, 120,074 applicants have received financial support for investment capital.<\/p>\n\n\n<p>\u201cThe Agri-Business\/Small and Medium Enterprise Investment Scheme (AGSMEIS) intervention has been extended to a total of 14,638 applicants, while 250 SME businesses, predominantly the youths, have benefited from the Creative Industry Financing Initiative,\u2019\u2019 he said.<\/p>\n\n\n<p>He added that, the CBN was also set to contribute over N1.8 trillion of the total sum of N2.30 trillion needed for the Federal Government\u2019s one-year Economic Sustainability Plan (ESP).<\/p>\n\n\n<p>He said that the bank\u2019s policy on loan to deposit ratio also resulted in a significant growth in credit to various sectors from N15.57 trillion to N19.33 trillion between May 2019 and August 2020.<\/p>\n\n\n<p>\u201cThis growth in credit was mainly to manufacturing (N866.27 billion), consumer credit (N527.65 billion), oil and gas (N477.65 billion), agriculture (N287.11 billion) and construction (N270.97 billion),\u2019\u2019 he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Tanko Mohammed The Central Bank of Nigeria (CBN)&nbsp; says it has so far made a total of N3.5trillion disbursements to cushion the effect of COVID-19 pandemic on the country\u2019s economy. This is contained in a review of the 132nd communique of the Monetary Policy Committee (MPC) meeting obtained from the apex bank\u2019s website, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[185],"class_list":["post-26160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-cbn","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBN expends N3.5 trillion to enhance economic growth - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/cbn-expends-n3-5-trillion-to-enhance-economic-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN expends N3.5 trillion to enhance economic growth - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By Tanko Mohammed The Central Bank of Nigeria (CBN)&nbsp; says it has so far made a total of N3.5trillion disbursements to cushion the effect of COVID-19 pandemic on the country\u2019s economy. 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