Manufacturing sector’s intervention funds disbursed by the Central Bank rose to N803bn as of February.

Manufacturing sector’s intervention funds disbursed by the Central Bank rose to N803bn as of February.

Figures obtained from the CBN reports on the Monetary Policy Committee has revealed.

It stated that “Under the N1tn manufacturing intervention stimulus, the total of N803.36bn has been disbursed to 228 projects across various sectors in agro-allied, mining, steel production and packaging industries, among others.

In May 2020, the CBN introduced guidelines for the implementation of the COVID-19intervention facility for the manufacturing sector.

It stated that the intervention facility was to support the Federal Government’s palliative measures to support beleaguered manufacturing enterprises in priority economic activities.

The guideline stated that it also focused on boosting local manufacturing capacity and support mass employment, wealth creation and foreign reserve accretion.

Part of the objectives was to improve access to affordable credit by domestic manufacturing enterprises across critical sectors of the economy; and close financing gap necessary for the replacement of machinery and equipment to enhance local production.