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Manufacturers, others got $2.8bn in two months —CBN - Punch

FEBRUARY 17, 2017

By Ifeanyi Onuba, Abuja

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The Central Bank of Nigeria on Thursday said it made available $2.83bn worth of foreign exchange for the importation of various types of equipment in the real sector of the economy between December 2016 and January this year. DOWNLOAD APPS AT http://abokifx.com ABOKIFX.COM 

The amount was made available to the manufacturers to enable them to source for raw materials and spare parts to boost their production capacities.

 

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, confirmed the development in a statement.

Okorafor explained that manufacturing, raw materials and agriculture, among others, got the highest amount, adding that this was done by the apex bank as part of its measures to create jobs, reduce the level of poverty and ensure inclusive growth in the economy.

Providing a breakdown of the forex allocation, he said $609m and $228m were released for raw materials in December and January, respectively, while manufacturing got $53m and $71m, respectively during the same period.

Okorafor said the apex bank would continue to play its role of easing the foreign exchange pressure on critical sectors of the economy.

He said, “The Central Bank of Nigeria has disbursed the sum of $2.83bn for utilisation in the critical sectors of the economy between December 2016 and January 2017.

“Manufacturing, raw materials and agriculture, among others, topped these disbursements targeted at employment-generating and wealth-creating sectors of the economy.” DOWNLOAD APPS AT http://abokifx.com ABOKIFX.COM 

Okorafor had last month explained that the CBN was committed to ensuring that manufacturers of goods for which Nigeria was not enjoying comparative advantage were able to get letters of credit to import the required materials.

He stated that since the CBN introduced restrictions on the sourcing of forex for 41 items from the inter-bank market, the restriction had indeed yielded positive results.

The apex bank’s spokesperson urged manufacturers to take advantage of the policy, which he noted was part of efforts by the CBN to ensure that Nigeria reclaimed its status as a major producer through backward integration.

This, according to him, would assist in conserving billions of foreign exchange spent on import bills annually.DOWNLOAD APPS AT http://abokifx.com ABOKIFX.COM 

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