{"id":32795,"date":"2020-11-25T19:26:10","date_gmt":"2020-11-25T19:26:10","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=32795"},"modified":"2020-11-25T19:26:10","modified_gmt":"2020-11-25T19:26:10","slug":"total-credit-to-economy-rises-by-n290bn-to-n19-54tn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn","title":{"rendered":"Total credit to economy rises by N290bn to N19.54tn"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.com\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.com\/nigeria\">Nigeria<\/a>. <\/strong><\/span>The total credit granted by lenders to support the economy from the end of August to 13th November advanced from N19.33 trillion to N19.54 trillion, equivalent to 1.01% growth, the Central Bank of Nigeria (CBN) said on Tuesday.<\/p>\n<p>CBN Governor Godwin Emefiele disclosed at a media briefing in Abuja that the regulator\u2019s stance on Loan-to-Deposit Ratio (LDR) for banks alongside its support programmes across economic sectors helped achieve the growth.<\/p>\n<p>Lenders\u2019 aggregate exposure to the economy since the LDR policy launch last May lifted by N3.97 trillion, relative to the N15.56 trillion balance reported at inception.<\/p>\n<p>Manufacturing accounted for N738 billion of the sum, construction N291 billion, ICT N231 billion, general commerce N874 billion, agric and forestry N301 billion among others.<\/p>\n<p>Deposit money banks in the country availed 86.23% of gross loans and advances to customers topping one million at interest rates below 20% as of October, a 76.43% improvement over the July 2019 figure.<\/p>\n<p>\u201cThe committee recognised the supportive developmental roles of the CBN towards addressing some of the structural issues in the economy.<\/p>\n<p>\u201cThe MPC specifically expressed optimism on the future impact of the disbursements from agri-business\/Small and Medium Enterprise Investment Scheme (N92.90 billion to 24,702 beneficiaries), Anchor Borrowers Program by the sum of N164.91 billion to 954,279 beneficiaries and COVID-19 Targeted Credit Facility to household and SMEs (N149.21 billion to 316,869 beneficiaries),\u201d the CBN chief said.<\/p>\n<p>Borrowers will be looking to increasing support from banks in the near time by virtue of the CBN holding of key interest rate at 11.5% on Tuesday firm up growth.<\/p>\n<p>Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The total credit granted by lenders to support the economy from the end of August to 13th November advanced from N19.33 trillion to N19.54 trillion, equivalent to 1.01% growth, the Central Bank of Nigeria (CBN) said on Tuesday. CBN Governor Godwin Emefiele disclosed at a media briefing in Abuja that the regulator\u2019s [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":32794,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,106,653,254],"class_list":["post-32795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-economy","tag-emefiele","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Total credit to economy rises by N290bn to N19.54tn - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Total credit to economy rises by N290bn to N19.54tn\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Nigeria. The total credit granted by lenders to support the economy from the end of August to 13th November advanced from N19.33 trillion to N19.54 trillion, equivalent to 1.01% growth, the Central Bank of Nigeria (CBN) said on Tuesday. CBN Governor Godwin Emefiele disclosed at a media briefing in Abuja that the regulator\u2019s [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-25T19:26:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fbe8d4988a60.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"632\" \/>\n\t<meta property=\"og:image:height\" content=\"331\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Total credit to economy rises by N290bn to N19.54tn\",\"datePublished\":\"2020-11-25T19:26:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn\"},\"wordCount\":267,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fbe8d4988a60.jpg\",\"keywords\":[\"Africa Press\",\"Economy\",\"Emefiele\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/total-credit-to-economy-rises-by-n290bn-to-n19-54tn\",\"name\":\"Total credit to economy rises by N290bn to N19.54tn - 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