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The Central Bank of Nigeria’s intervention in the power, manufacturing and aviation sectors has risen to N5.6tn in three years, according to findings by The PUNCH. The soft loans were advanced amid the continued and varied challenges facing the key sectors of the economy. The apex bank loans to the three sectors were obtained from the CBN result and accounts between 2020 and 2022. The reports which showed credit concentration in the various sectors of the economy indicated that power, aviation and manufacturing sectors recorded an aggregate of 5.6tn in loans from the central bank. The CBN under its suspended governor, Mr Godwin Emefiele, competed with commercial banks in aggressive lending to some sectors of the economy. The apex bank loans, however, came in single-digit interest rates and long repayment tenors. The breakdown revealed that CBN’s receivables and other assets in the power and aviation sector of Nigeria stood at N50.6bn in 2022, a decline of 96.4 percent from N1.39tn in 2021. Also, in the power and aviation sector, it reported N935bn in 2020.

PUNCH