Saturday, June 10, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Manufacturers Get More Bank Loans Despite Debts

by e-Naira Online News
April 26, 2022
in Companies
Reading Time: 3 mins read
A A
0
Home Companies
Share on FacebookShare on Twitter


Domestic Debt Owed by States Rise to N4.2trn

Operators in the nation’s manufacturing sector combined debt to Nigerian banks rose to N4.19tn in January 2022.

This is as they borrowed the sum of N1.03tn between January 2021 and January 2022.

Banks’ credit to the sector rose by 32.79 per cent in one year from N3.16tn to N4.19tn From January 2021 to January 2022.

According to the sectoral analysis of deposit money banks’ credit by the Central Bank of Nigeria, the sector received the largest share of the credit from banks during the review period.

The Monetary Policy Committee (MPC) of the CBN noted at its latest meeting held in March that the manufacturing Purchasing Manager’s Indices remained above the 50 index points benchmark in January.

The committee noted that the sustained performance in manufacturing PMI reflects the economy’s resilience despite persistent headwinds to recovery.

It also said that while non-manufacturing PMI remained below the 50 index points in January, it rose slightly from 48.0 index points in December 2021 to 49.01 index points in January.

The communiqué issued at the end of the meeting read in part, “The committee, however, noted that although the Manufacturing Purchasing Managers’ Index remained above the 50-index points benchmark in February 2022, it moderated slightly to 50.1 index points from 51.4 index points in January 2022.

“This sustained positive performance in the manufacturing PMI reflects the economy’s resilience in light of persisting headwinds to the recovery.

“The non-manufacturing PMI, however, remained below the 50 index points in February 2022 at 49.0 index points, with a slight moderation compared with 49.01 points in January 2022 as legacy headwinds such as the persisting insecurity and infrastructural constraints continued to impact production and the ease of doing business in Nigeria.”

The committee expressed cautious optimism that with the sustained interventions by the apex bank in various sectors of the economy and broad fiscal support to tame these legacy structural constraints, price development would moderate as output growth improves.

However, stakeholders in the manufacturing sector have maintained that the current double-digit lending rate is unfavourable as it directly impacts the cost of production and the industry’s competitiveness.

In a bid to remedy the situation, the Governor of the CBN, Godwin Emefiele, in November 2021, promised to provide single-digit loans to manufacturers of not more than 9 per cent.

Related





Source link

Tags: BankDebtsLoansManufacturers
Previous Post

Minister Stresses Need For Bitumen Production

Next Post

“FG Is Developing Policies To Support Local Production” – Trade Minister

Related Posts

National planning: Industry experts task FG, others to embrace data
Companies

National planning: Industry experts task FG, others to embrace data

by e-Naira Online News
June 9, 2023
Eterna Oil reports N181m FX loss in Q1 2023
Companies

Eterna Oil reports N181m FX loss in Q1 2023

by e-Naira Online News
June 8, 2023
Nigeria’s manufacturing imports declines in new NBS report
Companies

Nigeria’s manufacturing imports declines in new NBS report

by e-Naira Online News
June 7, 2023
Experts seek data, better monitoring of informal cross-border trade — Business — The Guardian Nigeria News – Nigeria and World News
Companies

Experts seek data, better monitoring of informal cross-border trade — Business — The Guardian Nigeria News – Nigeria and World News

by e-Naira Online News
June 7, 2023
How FCW’s backward integration is creating value, jobs for — Business — The Guardian Nigeria News – Nigeria and World News
Companies

How FCW’s backward integration is creating value, jobs for — Business — The Guardian Nigeria News – Nigeria and World News

by e-Naira Online News
June 7, 2023
Next Post
“FG Is Developing Policies To Support Local Production” – Trade Minister

"FG Is Developing Policies To Support Local Production" - Trade Minister

Money technology and the rise of digital currencies | The Guardian Nigeria News

Money technology and the rise of digital currencies | The Guardian Nigeria News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Subsidy Removal: FG, Labour Unions Fail To Reach Agreement

Subsidy Removal: FG, Labour Unions Fail To Reach Agreement

May 31, 2023
SEC Bans Binance Operations in Nigeria

SEC Bans Binance Operations in Nigeria

June 10, 2023
Gov Muftwang swears in 17 LG transition chairmen

Gov Muftwang swears in 17 LG transition chairmen

June 10, 2023
Deputy Senate Presidency: What Barau Jibrin will bring to 10th Assembly

Deputy Senate Presidency: What Barau Jibrin will bring to 10th Assembly

June 10, 2023
Delta commuter dies in crash, police seek relatives

Delta commuter dies in crash, police seek relatives

June 9, 2023
Nigerian Exchange Weakens by 0.05% Despite Strong Investor Sentiment

Nigerian Exchange Weakens by 0.05% Despite Strong Investor Sentiment

June 9, 2023
Crypto Investor Sentiment Refuses To Budge, But Can The Weekend Change This?

Crypto Investor Sentiment Refuses To Budge, But Can The Weekend Change This?

June 9, 2023
DSS arrests Nigeria’s central bank governor, Godwin Emefiele

DSS arrests Nigeria’s central bank governor, Godwin Emefiele

June 9, 2023
BREAKING: DSS Arrests Emefiele After Being Suspended

BREAKING: DSS Arrests Emefiele After Being Suspended

June 9, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.