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CBN spends N9trn on intervention programmes in 3 years

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The Central Bank of Nigeria (CBN) has disclosed that it injected over N9 trillion into the economy in the last three years.

Godwin Emefiele disclosed this while speaking to Journalists at the end of Tuesday’s Monetary Policy Committee(MPC) Meeting.

Emefiele, echoing the committee, believes that the interventions have significantly contributed to growth.

On the recent intervention, Emefiele detailed that Under the Real Sector Facility, the Bank released the sum of N66.99 billion to 12 additional projects in manufacturing and agriculture.

Cumulative disbursements under the Real Sector Support Facility (RSSF) CBN said is currently stood at N2.10 trillion disbursed to 426 projects across the country.

Furthermore, under the 100 for 100 Policy on Production and Productivity (PPP), the Bank disbursed the sum of N20.17 billion to 14 projects in healthcare, manufacturing, and services, bringing the cumulative disbursement under the facility to N93.39 billion to 62 projects.

Read also:CBN raises interest rate to 15.5% to fight inflation, attract foreign investors

In the healthcare sector, N4billion was disbursed to two (2) healthcare projects under the Healthcare Sector Intervention Facility (HSIF), bringing the cumulative disbursement to N130.54 billion for 131 projects, comprising of 32 pharmaceuticals, 60 hospitals and 39 other services.

Under the Export Facilitation Initiative (EFI), the Bank funded several commodity projects in the non-oil export segment for value-addition and production to the tune of N3.24 billion, aside from the N50.00 billion disbursed

through the Nigerian Export-Import Bank (NEXIM).

In the Micro, Small and Medium Enterprise (MSME) sector, the Bank supported entrepreneurship development with the sum of N39.26 million under the Tertiary Institutions Entrepreneurship Scheme (TIES), bringing the total disbursement under this intervention to N332.43 million.

Under the Intervention Facility for the National Gas Expansion Programme (IFNGEP), the Bank disbursed N1 billion to support the adoption of Compressed Natural Gas (CNG) as the preferred fuel for transportation and Liquefied Petroleum Gas (LPG) as the preferred cooking fuel.

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