CBN loan to manufacturers, power firms up N5.6trn

The Central Bank of Nigeria (CBN) intervention in terms of soft loans extended to address challenges in  the power, manufacturing, and aviation sectors, have increased to  N5.6 trillion over the past three years, a report from its consolidated financial statement has shown.

This was contained in a report from the apex bank, which shows credit  concentration in the various sectors of the economy statement, noting that the  loans which were disbursed between 2020 and 2022 were  offered by the CBN at single-digit interest rates with extended repayment periods.

The breakdown revealed that CBN’s receivables and other assets in the power and aviation sector of Nigeria stood at N50.6 billion in 2022, a decline of 96.4 per cent from N1.39 trillion recorded  in 2021.Also, in the power and aviation sector, it reported N935bn in 2020.

In the manufacturing sector, it reported N1.23 trillion in 2022, a significant  increase of 33.46 per cent from N919.03 billion recorded in  2021, a decline of N1.07 trillion recorded  in 2020.

According to the apex bank, the 2022 result and accounts disclosed that its total receivables and others stood at N47.39 trillion from N43.18 trillion reported in 2021,  noting that receivables from the federal government contributed a significant portion.