The Central Bank of Nigeria (CBN) has allocated $2.83bn over the last two months to the manufacturing and other sectors to import raw materials and spare parts to boost production capacity. This was revealed by the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor.

He explained that out of the amount disbursed, $609m and $228m were released in December and January respectively for raw materials imports, while manufacturing got $53m and $71m respectively during the same period.

According to him, the move aims at creating jobs, reducing the level of poverty and ensuring inclusive growth in the economy.

Okorafor, added that the apex bank would continue to performing its duty by easing the foreign exchange pressure on critical sectors of the economy and ensure that manufacturers are able to get letters of credit to import the required materials for their businesses.

Anita Fatunji