Nigeria: CBN disburses N107.45 billion to COVID-19 pandemic intervention funds

At least N107.45 billion has been accessed by beneficiaries from the N1.15 trillion Central Bank of Nigeria's (CBN's) COVID-19 pandemic intervention funds within the last 90 days, data by the apex bank has indicated, according to a news report by Daily Trust.

The data showed that close to 6,000 beneficiaries, comprising organizations and individuals, had accessed the loans so far.

The various CBN COVID-19 intervention funds include the N100 billion healthcare sector intervention fund, the N1 trillion intervention targeted at agriculture and manufacturing firms, and the N50 billion targeted credit facility for households and SME's.

The CBN data showing the disbursements indicated that under the N100 billion healthcare sector intervention fund, the CBN has approved and disbursed N10.15 billion for some projects for the establishment of advanced diagnostic and health centers and the expansion of some pharmaceutical plants for essential drugs and intravenous fluids.

On the N1 trillion intervention targeted at agriculture and manufacturing companies, the CBN disbursed N93.2bn under the real sector support fund to boost local manufacturing and production across critical sectors. This consists of over 44 Greenfield and Brownfield projects.

The Apex Bank has also approved N10.9 billion to 14,331 beneficiaries under the N50 billion targeted credit facility for households and SME's, out of which N4.1billion has been disbursed to 5,868 successful beneficiaries.