COVID-19: ₦300bn Disbursed To 76 Manufacturers, Says Emefiele

The Central Bank of Nigeria has said that about ₦300 billion has
been disbursed to 76 manufacturing companies from the ₦1 trillion
facilities set up in April last year, in a bid to mitigate the
impact of the coronavirus pandemic on the sector.

CBN Governor, Godwin Emefiele, disclosed this on Friday, during
the contract signing for localisation of manufacturing of Oral B
products by P&G in Nigeria.

He explained that the facility set aside, is a strategic move 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
facilities in April 2020 for the growth and expansion of
manufacturing firms in Nigeria,” he said.

“So far close to N300bn 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.”

Emefiele said that the 0.11 percent GDP growth in Q4 2020 is
fragile and driving further growth of the economy would require
continued investment support that will enable the growth of the
manufacturing sector in Nigeria.

He maintained that given the comparative and competitive
advantage Nigeria has, it will be smart for multinationals to
invest in domesticating their manufactured productions lines in the
country.

“Not only do they have access to our large market, Nigeria can
serve as a base for them to export goods to other markets in
Africa.

“Our efforts at putting in policy measures to encourage improved
production of made in Nigeria goods, is driven out of the need to
create jobs and wealth for our growing population.

“The impact of a manufacturing plant also goes beyond its
immediate environment, as it also enables the growth of SMEs that
work to meet the needs of the manufacturing plants and the staff,”
he stated.

The Central Bank of Nigeria has said that about ₦300 billion has
been disbursed to 76 manufacturing companies from the ₦1 trillion
facilities set up in April last year, in a bid to mitigate the
impact of the coronavirus pandemic on the sector.

CBN Governor, Godwin Emefiele, disclosed this on Friday, during
the contract signing for localisation of manufacturing of Oral B
products by P&G in Nigeria.

He explained that the facility set aside, is a strategic move 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
facilities in April 2020 for the growth and expansion of
manufacturing firms in Nigeria,” he said.

“So far close to N300bn 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.”

Emefiele said that the 0.11 percent GDP growth in Q4 2020 is
fragile and driving further growth of the economy would require
continued investment support that will enable the growth of the
manufacturing sector in Nigeria.

He maintained that given the comparative and competitive
advantage Nigeria has, it will be smart for multinationals to
invest in domesticating their manufactured productions lines in the
country.

“Not only do they have access to our large market, Nigeria can
serve as a base for them to export goods to other markets in
Africa.

“Our efforts at putting in policy measures to encourage improved
production of made in Nigeria goods, is driven out of the need to
create jobs and wealth for our growing population.

“The impact of a manufacturing plant also goes beyond its
immediate environment, as it also enables the growth of SMEs that
work to meet the needs of the manufacturing plants and the staff,”
he stated.