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The Central Bank of Nigeria (CBN) has announced that it recovered a total of N471.82 billion in repayment from its intervention programs during the first half of 2022. This represents a significant increase of 67.3% compared to the previous half-year, where recoveries amounted to N282.3 billion.
As part of its development finance interventions, the CBN provided credit facilities to critical sectors of the economy, aiming to enhance access to credit, ensure price stability, and support job creation and economic recovery.
Recovering loan repayments has posed challenges for the bank, prompting the implementation of additional measures.
According to the CBN’s half-year report for 2022, a total of 240 projects, including state-based initiatives, and 95,091 individuals and businesses benefited from the bank’s 17 intervention programs during the review period.
The report highlighted specific interventions, such as the disbursement of N69.13 billion to 51 projects under the 100-for-100 policy on production and productivity (100 for 100 PPP), which aimed to boost productivity and enhance foreign exchange earnings.
In addition, the Nigeria Electricity Market Stabilization Facility provided a total disbursement of N34.37 billion to eight electricity distribution companies (discos) to support efforts in mitigating challenges in the power sector.
Furthermore, the National Mass Metering Programme facilitated the distribution of 16,569 electricity meters nationwide during the first half of 2022.
The increased loan-recovery efforts and positive returns on intervention programs contributed to the significant rise in cumulative repayments, reflecting the CBN’s commitment to fostering economic growth and financial stability in Nigeria.
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