How CBN Disbursed N300bn To 76 Manufacturing Companies — Emefiele

By Abiola Olawale

Mr. Godwin Emefiele, Governor Central Bank of Nigeria (CBN), has revealed that the apex bank has so far disbursed N300 billion as loan to 76 manufacturing companies in the country, as part of its efforts to boost production in the manufacturing sector.

Emefiele revealed that the Apex bank released N300 billion funds from the N1trillion facility which was set up in April, 2020, in a bid to mitigate the impact of the Covid-19 pandemic on the sector.

He also noted that the efforts of the CBN has yielded good results following the rise of the Purchasing Managers Index (PMI) from 42.4 points in May 2020 to 48.7 points in February 2021.

The CBN governor disclosed this during the contract signing for localization of manufacturing of Oral B products by P&G in Nigeria.

In his words, “The manufacturing industry has been a key focus of the efforts by the monetary and fiscal authorities towards driving recovery of the Nigerian economy, following the downturn in the 1st half of 2020, as a result of the COVID-19 pandemic. At the Central Bank of Nigeria, we set up a N1 trillion facility in April 2020 for the growth and expansion of manufacturing firms in Nigeria. So far close to N300 billion has been disbursed to 76 manufacturing firms, which would boost local manufacturing across critical sectors over the next few years. Our efforts have aided the recovery of the manufacturing sector as reflected in the Purchasing Managers Index which shows that the index on manufacturing activities rose from a low of 42.4 points in May 2020 to 48.7 points in February 2021.”

Speaking on the contract signing for localisation of manufacturing of Oral B products, the CBN Governor noted that the partnership between P&G and Colori Cosmetics is a reflection of the efforts of the CBN and the Federal Government (FG) to enable the growth of the manufacturing industry in Nigeria.

He also assured Nigerians that the Apex bank will continue to attract multinationals to invest in domesticating their manufactured productions lines in the country.

In his words, “I want to reassure Nigerians that at the CBN we would not relent in our efforts to continue to encourage firms like Procter & Gamble to expand their presence in the manufacturing sector. I encourage other multinational firms to consider the opportunities that Nigeria offers and begin to set up their manufacturing lines in Nigeria. We believe this will help to enable the build out of a more resilient economy that creates jobs and supports skills transfers for our growing and youthful population.”