According to data acquired from the Central Bank of Nigeria, bank credit to the private sector increased from N35.18 trillion at the end of January 2022 to N42.25 trillion in the equivalent period of 2023.
According to the CBN’s money and credit statistics, this represents an increase of N7.07 trillion over the course of a year.
The data also revealed that total credit increased, from N26.65 trillion at the end of January 2022 to N30.41 trillion at the end of January 2021.
The CBN Governor, Godwin Emefiele, said the committee assessed the effectiveness of the bank’s numerous measures designed to boost production and productivity throughout the real sector, when presenting the Monetary Policy Committee report in January.
Moreover, the bank disbursed N48.30 billion under the N1.0 trillion real sector.