According to the CBN, banks have lent N23.5 trillion to the economy.

According to the CBN, banks have lent N23.5 trillion to the economy.

CBN

According to the CBN, banks have lent N23.5 trillion to the economy.

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NewsReport gathered that  according to figures obtained from the Central Bank of Nigeria, banks’ gross credit to the Nigerian economy increased to N23.5 trillion in November of this year

In a new report, the CBN stated that it strengthened the loan-to-deposit ratio policy, which he claimed resulted in a significant increase in loans provided by financial institutions.

“Over the past year, total gross credit increased by more than 21.1 percent, from N19.4tn to N23.5tn,” it said.

The CBN stated that it established an N50 billion target credit facility for affected households and small and medium-sized businesses through Nirsal Microfinance Bank, with N363.5 billion disbursed to over 767,000 Nigerian households and micro-businesses.

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It also stated that the Private Sector Coalition Against COVID-19 team mobilized key stakeholders in the Nigerian economy, raising N39.64 billion to support the fight against the scourge.

The report noted that the funds were used to support three key priority areas including the “development of 39 fully equipped isolation centers, including intensive care units and molecular testing labs and procurement of medical equipment such as PCR test kits across the country”.

Others were “provision of palliatives in the form of essential food items to 1.7 million households, an equivalent of eight million Nigerians; and improving awareness in rural awareness on the COVID-19 virus and capacity building for community health workers”.

The CBN said it had also created an N1tn facility in loans to boost local manufacturing and production across critical sectors, of which 53 major manufacturing projects, 21 agriculture-related projects, and 13 service projects were being funded from the facility.

It added that it provided N100bn intervention fund for pharmaceutical companies and healthcare practitioners to expand and strengthen the capacity of the nation’s healthcare institutions.

The CBN said, “We have increased this fund to N200bn to accommodate more players in the healthcare sector, such as phytomedicine practitioners and manufacturers of medical devices and vaccines.

“Our primary focus is to create a hub where medical officers can have access to diagnostic equipment to carry out quality medical services at an affordable price for Nigerians.”