Home Business & Economy CBN disburses $2.83bn to manufacturing, agriculture, others

CBN disburses $2.83bn to manufacturing, agriculture, others

CBN debunk fire outbreak at head office

Indications has emerged that the Central Bank of Nigeria (CBN) disbursed a total of 2.83 billion dollars to critical sectors of the economy between December 2016 and January 2017.Acting Director, Corporate Communications Department of CBN, Mr. Isaac Okorafor, in a statement issued in Abuja said manufacturing, raw materials and agriculture topped the disbursements targeted at the employment and wealth generating sectors of the economy.
Okorafor in the statement noted that 609 million dollars and 228 million dollars were released for raw materials in December 2016 and January 2017, respectively.
He said manufacturing attracted 53 million dollars and 71 million dollars, respectively during the same period.
Okorafor said the foreign exchange utilization figure indicated that 1.8 billion dollars and 0.9 billion dollars, respectively, were extended to critical sectors like manufacturing, agriculture, petroleum products and airlines, among others in December 2016 and January 2017.
He reiterated the CBN’s determination to continually ease the foreign exchange pressure on critical sectors, adding that “It will be recalled that the CBN, in the month of November 2016, supported critical sectors with 1.07 billion dollars equivalent of foreign exchange for agricultural machinery, industrial raw materials, education and personal travel allowances.
“This was to source industrial raw materials and spare-parts through the interbank foreign market.’’


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