Data obtained from the Central Bank of Nigeria has revealed that banks' credit to the private sector rose from N35.18 trillion recorded at the end of January 2022 to N42.25 trillion in the corresponding period of 2023.
CBN’s money and credit statistics indicated this amounts to a rise of N7.07tn in the one-year period.
The figures also showed that total credit rose to N30.41 trillion as of the end of January 2021 from N26.65 trillion at the end of January 2022.
CBN Governor, Godwin Emefiele who spoke while delivering the Monetary Policy Committee report in January, stated that the committee reviewed the performance of the bank’s various interventions aimed at stimulating production and productivity across the real sector.
“Between September and October 2022, under the Anchor Borrowers’ Programme, the bank disbursed N41.02 billion to several agricultural projects, bringing the cumulative disbursements under the programme to N1.07 trillion to over 4.6 million smallholder farmers cultivating or rearing 21 commodities across the country.
“The bank also released N300 million to finance large-scale agricultural projects under the Commercial Agriculture Credit Scheme, bringing the total disbursements under the scheme to N745.31 billion for 680 projects in agro-production and agro-processing.
“In addition, the bank released the sum of N48.30 billion under the N1.0 trillion real sector facility to seven new real sector projects in agriculture, manufacturing, and services.
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