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The CBN distributes N9.7 trillion in intervention funds.

The CBN distributes N9.7 trillion in intervention funds.

The Central Bank of Nigeria (CBN) has disbursed N9.714 trillion through various intervention funding programs in a variety of real-world industries.

According to the bank’s Development Finance Department (DFD) Report, which was made public yesterday at its 2022 Retreat in Abuja, the Manufacturing/Industry sector received the highest allocation of 32.6 percent.

It was followed by Energy/Infrastructure and Agriculture, with allocations of 23.1 percent and 22.8 percent, respectively.

Mr. Philip Yusuf, Director of DFD, stated at the retreat that the CBN was at the forefront of food security in the country.

Mr. Edward Adamu, Deputy Governor in Charge of Corporate Services, offered stronger support for the DFD’s interventions in his remarks.

He went on to say that the interventions would be felt throughout the country.

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Meanwhile, the apex bank welcomed financial sector institutions to apply for participation in its Regulatory Sandbox yesterday.

The objective and scope of the Sandbox, according to a statement signed by the CBN’s Director, Payments System Management Department, Musa Jimoh, is to identify and encourage innovative solutions to improve service quality and the customer experience in the delivery of payment and financial services in Nigeria.

All companies (e.g. digital lenders, application developers, start-ups, financial technology providers, etc.) with innovative financial solutions are eligible to apply to the Sandbox, according to the CBN. Applications from existing CBN-licensed institutions are also invited.

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