CBN backs real sector with N1.3tn

The Central Bank of Nigeria says it has supported the real sector of the economy to the tune of over N1.3tn as part of its efforts to tackle the challenges facing the economy.

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CBN Governor, Godwin Emefiele

The support, according to the CBN, includes the N300bn Real Sector Support Facility; N220bn Micro-Small and Medium Enterprises Development Fund; N75bn Nigeria Incentive-Based Risk Sharing System for Agricultural Lending; and the N213bn Nigeria Electricity Market Stabilisation Fund. Others are the N50bn Nigeria Export Import Bank Fund; and the N500bn Export Refinancing and Restructuring Facility.

The Governor, CBN, Mr. Godwin Emefiele, stated this while declaring open a seminar for financial journalists in Ibadan on Monday. Emefiele, who was represented by the Deputy Governor, Corporate Services, CBN, Mr. Adebayo Adelabu, said that beyond the primary mandate of the central bank which is to ensure monetary, price and financial system stability, it had gone a step further to support different sectors of the economy for developmental purposes.

He said, “The far-reaching objectives of the CBN in the implementation of schemes and programmes for real sector development focuse on the inherent potential in the sector vis-à-vis our conviction that the sector has sufficient employment capabilities, high growth potential, contributes significantly in accretion to foreign reserves, expands the industrial base and apparently diversifies the growth potential of the national economy.

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