Manufacturers, Industrialists Received N9.7Tn Loans – CBN Reveals

The Central Bank of Nigeria, CBN, said it had disbursed N9.71 trillion in loans to manufacturers and industrialists through various initiatives.

Ourownblog learnt this on Monday during a retreat for CBN’s Development Finance Department in Abuja.

Speaking at the retreat, the Deputy Governor of the Financial System Stability Directorate of the Central Bank of Nigeria, Aishah Ahmad, expressed concerns over the poor repayment of loans provided by the bank, which she noted might affect the sustainability of the bank’s initiatives.

“We also empathise with all stakeholders that these are loans and not grants. You must pay back so others can get the same opportunity.”

A breakdown of loans disbursed by the apex bank showed that the manufacturing/industry sector had the highest allocation of 32.6 per cent.

It was followed by energy/infrastructure and agriculture with 23.1 per cent and 22.8 per cent allocations, respectively.

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