The intervention funds allocated by the Central Bank of Nigeria under its Export Facilitation Initiative increased to N44. 58 billion in October 2022. This was disclosed by the bank in statements made public following the 2022 meeting of the Monetary Policy Committee.
According to the report, “the Bank supported export-oriented projects to the tune of N5. 34 billion under the Export Facilitation Initiative, such that the cumulative disbursement under this intervention stands at N44.58 billion.”
The Bank reported allocating N48. 3 billion from the N1 trillion Real Sector Facility to seven brand-new real sector projects in manufacturing, services, and agriculture. Currently, N2.15 trillion has been disbursed under this facility to 437 projects nationwide, including manufacturing (240), agriculture (91), services (93) and mining sector projects (13).
Additionally, it stated that the 100 for 100 Policy on Production and Productivity, the Bank disbursed the N20. 78bn to nine projects in healthcare, manufacturing, and services. The cumulative disbursement under the facility amounted to N114.17bn in 71 projects.
According to the CBN report, the MPC noted that broad money supply (M3) grew further by 13. 80 per cent in October 2022, (year-to-date) compared with 11. 00 per cent in September, 2022. This growth was driven by increased claims on ‘other sectors’ (other financial corporations, public non-financial corporations, and private sector).
In the financial markets, money market rates oscillated below and within the asymmetric corridor of the discount window facilities, in tandem with fluctuating liquidity conditions in the banking system.