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CBN doles out $8.8bn to eight sectors for imports

  • Business

The Central Bank of Nigeria (CBN) has revealed that it provided $8.89 billion to seven sectors of the economy between January and June 2022 to fund their import obligations.

CBN stated this in its sectoral utilization of foreign exchange published on its website.

A breakdown from the report shows that the industrial sector which includes cement companies received the giant share, accounting for 49.9 per cent of the total amount of $4.4 billion.

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Manufactured products followed with $1.86 billion, representing 20.93 per cent, while companies involved in food production received a sum of $1.21 billion accounting for 13.56% of the total sum.

Others on the list include the oil sector ($700.6 million), minerals ($291.7 million), and transportation ($274.1 million), while the agricultural sector received the least at $121.17 million.

Imports of food products increased by 27 percent q/q to $675 million.

Source: Ripples Nigeria