The Central Bank of Nigeria’s intervention funds under its Export Facilitation Initiative rose to N44.58bn in October 2022.
The bank disclosed this in statements released on its last Monetary Policy Committee meeting in 2022.
“Under the Export Facilitation Initiative, the Bank provided support for export-oriented projects to the tune of N5.34bn, such that the cumulative disbursement under this intervention stands at N44.58bn,” it stated.
The Bank said it released the N48.3bn under the N1tn Real Sector Facility to seven new real sector projects in agriculture, manufacturing, and services.
Cumulative disbursement under this facility currently stood at N2.15tn to 437 projects across the country, comprising projects in manufacturing (240), agriculture (91), services (93) and mining sector (13).
It added that under the 100 for 100 Policy on Production and Productivity, the Bank disbursed the N20.78bn to nine projects in healthcare, manufacturing, and services.
The cumulative disbursement under the facility amounted to N114.17bn in 71 projects. It added that it disbursed N4bn under the Intervention Facility for the National Gas Expansion Programme to promote the adoption of compressed natural gas for transportation and liquefied petroleum gas for cooking.
In support of the resilience of the healthcare sector, the bank said it also disbursed N5.02bn to four healthcare projects under the Healthcare Sector Intervention Facility, bringing the cumulative disbursement to N135.56bn for 135 projects in pharmaceuticals (33), hospitals (60) and other services (42).
Under the Micro, Small and Medium Enterprises sector, the Bank provided support for entrepreneurship development with the disbursement of N1.33bn and N10m under the Agribusiness/Small and Medium Enterprise Investment Scheme and Micro, Small, and Medium Enterprise Development Fund, respectively.
The total disbursement under these interventions amounted to N150.22bn and N96.08bn, respectively.
According to the report, Between September and October 2022, under the Anchor Borrowers’ Programme, the Bank disbursed N41.02bn to several agricultural projects, bringing the cumulative disbursement under the Programme to N1.07tn to over 4.6 million smallholder farmers cultivating 21 commodities across the country.
The Bank also disbursed N0.30bn to finance large-scale agricultural projects under the Commercial Agriculture Credit Scheme.
Consequently, it added, the total disbursement under the Scheme for agro-production and agro-processing stood at N745.31bn for 680 projects.
According to the CBN report, the MPC noted that broad money supply (M3) grew further by 13.80 per cent in October 2022, (year-to-date) compared with 11.00 per cent in September, 2022.
This growth was driven by increased claims on ‘other sectors’ (other financial corporations, public non-financial corporations, and private sector).
In the financial markets, money market rates oscillated below and within the asymmetric corridor of the discount window facilities, in tandem with fluctuating liquidity conditions in the banking system.
Consequently, the monthly weighted average Open Buy Back rate increased to 15.91 per cent in October 2022 from 11.49 per cent in September 2022.
The Capital Adequacy Ratio of the banking system declined in October 2022 to 13.4 but remained within its prudential limit of 10.0 -15.0 per cent.
At 40.1 per cent, the liquidity ratio was above its prudential limit of 30.0 per cent. The non-performing loans ratio also improved to 4.8 per cent in October 2022 from 4.9 per cent in the previous month, staying below its prudential benchmark of 5.0 per cent.
