CBN Disburses N152.9bn For 61 Manufacturing Projects
The Central Bank of Nigeria has disbursed N152.9bn for 61 manufacturing projects under parts of its intervention funds.
The Central Bank Governor, Godwin Emefiele, disclosed this in a report on his communique at the last Monetary Policy meeting.
“The committee noted that the CBN had disbursed over N152.9bn to the manufacturing sector to finance 61 manufacturing projects and another N93.6bn to the healthcare sector, among many other sector-specific facilities,” he said.
He said the committee recognised the supportive developmental roles of the CBN towards addressing some of the structural issues.
The MPC specifically expressed optimism on the future impact of N50bn household and SME facility, out of which N49.195bn had been disbursed to over 92,000 beneficiaries, he said.
Emefiele mentioned the N100bn healthcare and N1.0tn manufacturing and agricultural interventions to support the rebound in growth from the impacts of the COVID-19 pandemic on the economy.
The CBN governor said, “The committee observed the gradual, but persistent decline in the manufacturing and non-Manufacturing Purchasing Manager’s Indices, below the benchmark.
“The Manufacturing PMI declined to 41.1 index points in June 2020 from 42.4 index points in May 2020.
“Conversely, though, the non-manufacturing PMI improved to 35.7 index points in June 2020 from 25.3 index points in May 2020.
He said the trend in the manufacturing and non-Manufacturing PMI was attributed, largely, to slower growth in production levels; new domestic orders; employment rate; raw materials supply; and new export orders.