By Naomi Uzor
The Central Bank of Nigeria (CBN), has said that it has disbursed N185.172 billion from the N200 billion intervention fund for the manufacturing sector to the Bank of Industry for onward payment to participating banks.
According to the CBN, a total of 30 applications valued at N222.50 billion where received, out of which the said same was disbursed.
Speaking at the business environment roundtable on: 2011 Nigerian Economic Roadmap (Putting the economy first in the next four years), organised by the Lagos Chamber of Commerce and Industry (LCCI), Governor of CBN, Lamido Sanusi, while delivering a keynote address on Nigeria at 51: Building Synergy between the Financial Sector and the Real Economy, said a total of 516 projects, valued at N199.67billion or 98 per cent of the total fund had been utilised by banks through the BOI to finance and restructure their outstanding manufacturing exposures.
He said because financial innovation is spreading financial risks more widely, some observers have raised concerns that new unforeseen risk concentrations among less-prepared market participants could amplify certain adverse shocks, which may increase systemic financial risk.
“It is our belief that the real economy will benefit more from financial system innovations and competition in future when sustained stability has been achieved. In this regard, we shall continue to work together, with the Bankers Committee and Monetary Policy Committee (MPC) to contain inflation in a manner that the economy would be amenable to growth.