CBN’s financial interventions hit N9.714trn in three years

According to the Central Bank of Nigeria (CBN), it has provided financial interventions totaling N9.714 trillion to various economic sectors during the last three years.

The largest portion of the payout, totaling N3.166 trillion or 32.6 percent, according to Mr. Yusuf Yila, Director, Development Finance Department (DFD) of the CBN, went to manufacturing and industries.

Yila reaffirmed that “the Central Bank of Nigeria’s Development Finance Department is committed to the goal of sustained economic growth.”

Yila delivered a speech on the topic of financing for sustainable development in Nigeria at the Department’s 2022 retreat in Abuja. at the occasion.

He added, “Through a variety of programs and initiatives, the DFD has been at the frontbench of food security for Nigeria in recent years.

The remaining N9.714 trillion was spent on N2.243 trillion, or 23.1%, for infrastructure and energy; N2.214 trillion, or 22.8 percent, for agriculture; N1.010 trillion, or 10.4%, for services; N689.694 billion, or 7.1 percent, for Micro Small and Medium-Sized Enterprises (MSMEs); N233.136 billion, or 2.4 percent, for export; and N135.996 billion, or 1.4 percent, for health.

According to Yila, the agency has “created a sophisticated system for connecting farmers with input suppliers and facilitating access to markets for agricultural products.”

The entire agricultural value chain, he said, “has undergone a revolution never before seen, and we are certain that the global headwinds, which have distorted outcomes for most economies throughout the world, will abate.”

Nigeria “is on the path of sustainability and food security,” claimed Yila.

The CBN’s Deputy Governor for Financial System Stability, Mrs. Aisha Ahmad, also spoke at the event and said that “the loans that have been awarded by the CBN through the Development Finance Department has had a significant impact on the sustainability of Nigeria’s agriculture value chain.”

Because of this, according to her, “the third quarter GDP report provided by the NBS shows an increase of 29.9% from 21 percent reported in the first quarter of 2021.”

She urged those who have benefited from CBN actions to “pay back the loans so that others can gain.”

Alhaji Mohammed Badaru Abubakar, the governor of Jigawa state, stated in his message of goodwill that “various interventions by the CBN have affected immensely on states especially Jigawa state.”