The total gross credit to businesses rose from N19.4 trillion to N23.5 trillion in the last one year, representing  over 21.1 per cent increase, the  Central Bank of Nigeria (CBN), has said.

In a state of the economy and financial sector report endorsed by CBN Governor, Godwin Emefiele, the apex bank said agriculture, manufacturing, power and healthcare took the lion share of the loans disbursed.

The apex bank also granted regulatory forbearance that allowed banks restructure loans given to sectors severely affected by the pandemic and strengthened the Loan to Deposit Ratio policy, which has resulted in a significant rise in loans provided by financial institutions.

Emefiele explained that working with the fiscal authorities, the apex bank created a N50 billion target credit facility for affected households and small and medium enterprises through the Nirsal Microfinance Bank, against which N363.5 billion has been disbursed to over 767,000 Nigerian households and micro businesses.

The regulator also mobilised key stakeholders in the Nigerian economy, under the Private Sector Coalition Against COVID-19 (CACOVID) team that raised N39.646 billion to support the fight against the scourge.

Additionally, Emefiele announced N1 trillion facility in loans to boost local manufacturing and production across critical sectors of which 53 major manufacturing projects, 21 agriculture related projects and 13 service projects are being funded from this facility.

The CBN boss also created N100 billion intervention fund for pharmaceutical companies and healthcare practitioners to expand and strengthen the capacity of our healthcare institutions.

“We have increased this fund to N200 billion to accommodate more players in the healthcare sector, such as phytomedicine practitioners and manufacturers of medical devices and vaccines. Our primary focus is to create a hub where medical officers can have access to diagnostic equipment to carry out quality medical services at an affordable price for Nigerians,” he said.