The Central Bank of Nigeria has increased its intervention in the manufacturing, aviation, and power sectors to N5.6 trillion over the last three years according to CBN results and accounts between 2020 and 2022. The soft loans were provided under the leadership of Godwin Emeifiele in the face of the continuous and numerous challenges that the major economic sectors continue to encounter. LEGIT ng report.JAMB Portal
It was reported that as of the fiscal year that concluded in December 2022, the apex bank owed JP Morgan and Goldman Sachs a combined $7.5 billion. The top bank listed a $6.3 billion debt for foreign currency forwards as part of its obligation.JAMB Result
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Punch reported that according to information on credit concentration in the major economic sectors, loans from the central bank for the manufacturing, aviation, and electricity sectors together amounted N5.6 trillion.
Under the leadership of its suspended governor, Godwin Emefiele, the CBN was engaging in aggressive lending competition with commercial banks to some economic sectors. However, the loans from the apex banks had extensive repayment terms and single-digit interest rates.NYSC Portal
According to the breakdown, the CBN’s receivables and other assets in Nigeria‘s electricity and aviation sectors amounted at N50.6 billion in 2022, down 96.4 percent from N1.39 trillion in 2021. Additionally, it reported N935 billion in the power and aviation sectors in 2020.InformationGuideNigeria
Revenue from manufacturing increased by 33.46 percent to N1.23 trillion in 2022 from N919.03 billion in 2021. Additionally, the manufacturing sector accounted for N1.07 trillion in 2020.
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