Home Latest News CBN grants N14.7tr credit to economy

CBN grants N14.7tr credit to economy


The Central Bank of Nigeria (CBN) said it had distributed N14.7 trillion total credit to the economy as of June 30th, 2015.

Of this amount, N760.8 billion representing five per cent, was contributed by collective Development Financial Institutions (DFIs), in the country.

The CBN Governor, Mr. Godwin Emefiele, made this disclosure yesterday in Abuja while presenting key note address at the maiden edition of the bi- annual forum for stakeholders of DFIs.

Represented at the occasion by Deputy Governor, Financial System Stability, Dr. Joseph Nnanna, Emefiele revealed that given the limitation in the resources available at the disposal of DFIs, “government was considering a plan that would make it possible for DFIs to access the capital market for fund to finance critical sectors of the economy.

According to Emefiele, “the Nigerian experience has shown that government resources have been the main source of long term fund for these institutions, which is not sustainable. It is therefore, envisaged that with time, the DFIs would be capable of accessing the capital market for funds to finance the critical sectors of the economy.”

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