CBN Governor, Godwin Emefiele, disclosed this on Friday, during the contract signing for localisation of the manufacturing of Oral B products by P&G in Nigeria.
He explained that the facility was a strategic move by the monetary and fiscal authorities towards driving the recovery of the Nigerian economy, following the downturn in the 1st half of 2020, as a result of the COVID-19 pandemic.
Emefiele said: “At the Central Bank of Nigeria, we set up a N1 trillion facility in April 2020 for the growth and expansion of manufacturing firms in Nigeria.
“So far close to N300bn has been disbursed to 76 manufacturing firms, which would boost local manufacturing across critical sectors over the next few years.
“Our efforts have aided the recovery of the manufacturing sector as reflected in the Purchasing Managers Index which shows that the index on manufacturing activities rose from a low of 42.4 points in May 2020 to 48.7 points in February 2021.”
Emefiele said that the 0.11 percent GDP growth in Q4 2020 was fragile and driving further growth of the economy would require continued investment support to enable the growth of the manufacturing sector in Nigeria.
He maintained that given the comparative and competitive advantage Nigeria had, it would be smart for multinationals to invest in domesticating their manufactured production lines in the country.
In his own words, he said: “Not only do they have access to our large market, Nigeria can serve as a base for them to export goods to other markets in Africa.
“Our efforts at putting in policy measures to encourage improved production of made in Nigeria goods, is driven out of the need to create jobs and wealth for our growing population.
“The impact of a manufacturing plant also goes beyond its immediate environment, as it also enables the growth of SMEs that work to meet the needs of the manufacturing plants and the staff.”