The Central Bank of Nigeria (CBN) says the Bank of Industry (BoI) and Nigeria Export-Import (NEXIM) Bank have both committed N101.06 billion to development finance interventions in the real sector.
According to the apex bank, these funds are meant to drive job creation, economic recovery, and household welfare.
This information was provided in the CBN 2021 half-year economic report.
In six months under review, BoI disbursed N77 billion to the industrial sector while NEXIM Bank released N24.06 billion for projects.
Sectoral analysis of disbursements by BoI showed that the agricultural sector received N17.74 billion (74 percent), the manufacturing sector N4.82 billion (20 percent, and solid minerals, N1.5 billion (six percent).
The funds that went to large enterprises stood at N67.1 billion, representing 87.1 percent of total disbursements. Small and medium enterprises got N9.9 billion (12.9 percent).
CBN explained in the report that the total credit provided to the non-oil export sector under the various lending facilities of the NEXIM Bank was N24.06 billion, compared with N18.1 billion in respect of 23 projects in the first half of 2020.
The apex bank attributed the increased disbursement to new products, such as the Small and Medium Enterprises Export Facility (SMEEF), Women and Youth Export Facility (WAYEF), and an uptick in economic activities.
