CBN yet to disburse N600b manufacturing intervention funds

The Central Bank of Nigeria (CBN) says N600 billion out of the N1 trillion COVID-19 intervention fund for manufacturers is still awaiting disbursement.

CBN Governor, Godwin Emefiele, who disclosed it at the weekend, said N400 billion has already been disbursed to beneficiaries.

Emefiele, who spoke during at contract signing for localisation of manufacturing of Oral B products by P&G in Nigeria, in Lagos, said the N400 billion was disbursed to 76 manufacturers.

He said the fund has increased activity in the manufacturing sector, which has began to thrive.

According to the CBN boss, the manufacturing industry has been a key focus of the efforts by the monetary and fiscal authorities towards driving recovery of the Nigerian economy, following the downturn in the first half of 2020, as a result of the COVID-19 pandemic.

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“At the Central Bank of Nigeria, we set up a N1 trillion facility in April 2020 for the growth and expansion of manufacturing firms in Nigeria. So far close to N400 billion has been disbursed to 76 manufacturing firms, which would boost local manufacturing across critical sectors over the next few years,” he said.

He said CBN’s efforts have aided the recovery of the manufacturing sector as reflected in the Purchasing Managers Index which shows that the index on manufacturing activities rose from a low of 42.4 points in May 2020 to 48.7 points in February 2021.

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