Olusola Bello
The Central Bank of Nigeria has said that it has disbursed N370 billion under its Targeted Credit Facility.
Governor of CBN, Godwin Emefiele disclosed this during the 2021 annual Bankers’ Committee retreat which was held in Lagos with the theme, ‘Building resilience for economic growth.
The governor stated that N1 trillion facility established for local manufacture and production in vital areas is funding 53 manufacturing, 21 agriculture-related, and 13 service projects.
A N200 billion healthcare intervention fund has been established for pharmaceutical businesses and healthcare practitioners to expand and strengthen the country’s healthcare institutions
According to him, the initiatives introduced by the CBN helped to spur and support the recovery of the economy and realign general macroeconomic conditions.
.He said the CBN took exceptional measures to control the effects of the pandemic on the economy and promoted greater productivity in critical sectors, given its responsibility to promote a healthy monetary and financial system and collaborate with the fiscal authorities.
“The CBN worked with the fiscal authorities to develop significant policy support measures under the Economic Sustainability Plan in order to restore stability and stimulate growth,” he said
He stated that in order to control the downturn and accelerate Nigeria’s economic recovery, the monetary and fiscal authorities implemented a series of policy measures that helped the country’s growth rebound in the fourth quarter of 2020.
He noted that owing to the policy actions, the country exited recession in the fourth quarter of 2020 with a growth rate of 0.11 percent, which improved to 0.51 percent in Q1 2021.
