Credit Facility to Real Sector Hits N2.1 Trillion, Says CBN

The Central Bank of Nigeria (CBN) has disclosed that the total sum of disbursements to the real sector of the economy under the Real Sector Support Facility (RSSF) currently stands at N2.10 trillion.

The said amount was disbursed to 426 projects across the country, said Mr. Osita Nwanisobi, spokesman and Director of Corporate Communications, CBN.

Nwanisobi, who was represented by the Deputy Director, Internal Communications, Mr. Sam Okogbue at the ongoing 17th Abuja International Trade Fair, stated that the sum of N20.17 billion was disbursed to 14 projects in healthcare, manufacturing, and services. Therefore, bringing the cumulative disbursement under the 100 for 100 Policy on Production and Productivity (PPP) to N93.39 billion for 62 projects.

He added that the bank has continued to support the creation of an export-ready market, especially those that would positively impact Nigeria’s economy, through her interventions in different sectors of the economy.  

In his words, “For the records, 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) currently stood at ₦2.10 trillion disbursed to 426 projects across the country.”

“In the Micro, Small, and Medium Enterprises (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 the intervention to N332.43 million.

“Over the years, the Central Bank of Nigeria has initiated interventions aimed at boosting the fortunes of Small and Medium Enterprises (SMEs) in Nigeria, These include the SME Credit Guarantee Scheme (SMECGS); the Micro, Small and Medium Enterprises Development Fund (MSMEDF): the Youth Entrepreneurship Development Programme (YEDP); and the Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS). 

While speaking about the theme of this year’s fair, “Creating an Export Ready Market through SME Digitalization,” the CBN spokesman disclosed that the apex bank was determined to assist players in the sector to produce goods that meet international standards for export.

He added that the bank’s participation was an opportunity to sensitize members of the public on its policies and programs, especially its strategic interventions for sustainable economic development in Nigeria.