The Central Bank of Nigeria (CBN) has achieved a remarkable milestone in its intervention programs, announcing the recovery of N471.82bn in cumulative repayments during the first half of 2022. This represents a substantial 67.3% increase from the previous half of 2021, where repayments amounted to N282.3bn.
The recovery rate surge highlights the CBN’s successful efforts in improving loan-recovery strategies and generating positive returns on its intervention programs. These programs aim to foster economic development by providing credit facilities to critical sectors of the economy, supporting job creation, ensuring price stability, and enhancing access to credit.
Despite the difficulties faced in loan repayment by beneficiaries, the CBN’s proactive measures have yielded impressive results in recouping funds from the intervention initiatives.
In the review period, a total of 240 projects, including state-based projects, and 95,091 individuals and businesses benefited from 17 intervention programs launched by the CBN. Notable programs included the 100-for-100 policy on production and productivity (100 for 100 PPP), which saw the disbursement of N69.13bn to 51 projects to enhance productivity and foreign exchange earnings.
The CBN also played a crucial role in supporting the power sector, disbursing N34.37bn to eight distribution companies under the Nigeria Electricity Market Stabilization Facility. Additionally, the National Mass Metering Programme distributed 16,569 electricity meters across the country, further bolstering the power sector’s resilience.
This substantial recovery in intervention program repayments is a testament to the CBN’s commitment to driving economic growth and stability. As the bank continues to implement targeted interventions, it is poised to make a significant impact on Nigeria’s economic recovery and sustainable development.