The Central Bank of Nigeria (CBN) has disbursed the sum of N25.6 billion to eight new real sector projects in manufacturing packaging, pharmaceuticals, plastic, and cosmetic products under its N1.0 trillion Real Sector Facility (RST).
The apex regulator said that the cumulative disbursements under the RSF currently stand at N2.56 trillion allocated to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services, and 13 mining sector projects.
The recent data from CBN also showed that under the 100 for 100 Policy on Production and Productivity (PPP), the Bank
distributed a total of N13.81 billion to three projects in the manufacturing sector.
This brings the cumulative disbursement under the facility to N173.31 billion, disbursing to 81 projects comprising 45 manufacturing, 23 agriculture, 5 healthcare, and 8 services sector projects with an estimated 23,343 direct jobs created.
The CBN in a recent report stated that under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital,
and operational expenditure of distribution companies (Discos), the Bank has disbursed N11.82 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 N254.39 billion.
Meanwhile, 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; the high cost of energy and the rising cost of debt servicing.
