CBN’s disbursement under RSF hits N2.56tr
The Central Bank has disbursed ₦2.56 trillion to 462 projects across the country under Real Sector Facility (RSF) development initiative.
The apex bank said the sum ₦25.6 billion was disbursed to eight new real sector projects cutting across manufacturing, packaging, pharmaceuticals, plastic and cosmetic products.
The 462 projects beneficiaries of RSF comprises 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects.
CBN governor Mr Godwin Emefiele confirmed the update on funding interventions in key sectors of the economy on Wednesday at Monetary policy Committe press briefing in Abuja.
He said under the 100 for 100 Policy on Production and Productivity (PPP), the CBN disbursed ₦13.81 billion to three projects in the manufacturing sector.
This he said brings the cumulative disbursement under the facility to ₦173.31 billion, disbursed to 81 projects comprising 45 manufacturing, 23 agriculture, 5 healthcare, and 8 services sector projects with an estimated 23,343 direct jobs created.
Similarly under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital, and operational expenditure of distribution companies (Discos), Emefiele said CBN disbursed ₦11.82 billion to ease liquidity constraints and support the recovery of legacy debt.
“Under the scheme so far, the bank has disbursed a cumulative sum of ₦254.39 billion.
CBN initiated strategic funding intervention policy during the COVID 19 pandemic period to breath life back to manufacturing and other critical sectors of the economy like aviation, health, manufacturing and others.
Taking a broader look at the economy, CBN governor noted that full recovery of both the global and domestic economies remained clouded by legacy and emerging risks.
“Available data and forecasts for key macroeconomic indicators in the Nigerian economy, suggest that the economy will continue on a moderate recovery path through 2023 as legacy headwinds linger.
“These include insecurity in food producing areas; high cost of energy and rising cost of debt servicing”
Accordingly, he said economy was forecast to grow in 2023 by 3.03 per cent (CBN), 3.75 per cent (FGN) and 3.29 per cent (IMF).
“The MPC was concerned that, despite the tight monetary policy stance adopted since its May 2022 meeting, inflation had not decelerated towards the bank’s long run objective” said Emefiele.
