Nigeria’s manufacturing sector remains the productive hub of the economy, accounting for a significant share of the GDP and employment opportunities. The sector is, however, faced with multiple challenges, which include inadequate energy supply, low access to affordable financing, poor infrastructure quality, and multiple taxation.
The Bank’s interventions in the manufacturing sector provide complementary developmental policies that support price and macroeconomic stability objectives. Given the importance of the sector to economic growth and the creation of sustainable employment, the interventions are structured to deliver the principal objective of reversing the nation’s over-reliance on imports by deepening access to finance through the provision of credit at a concessionary interest rate and long-tenored facilities to the manufacturing sector.
The Bank’s interventions in the manufacturing sector support projects with potential to increase Nigeria's value addition capacity and foreign exchange earning capability. Since 2015, the Bank has introduced and implemented pivotal interventions to strengthen the resilience of the manufacturing sector. These interventions include Real Sector Support Facility – through the Differentiated Cash Reserve Requirement (RSSF-DCRR) window; COVID-19 Intervention for the Manufacturing Sector (CIMS); Textile Sector Intervention Facility (TSIF); Presidential Fertiliser Initiative (PFI); CBN-Bank of Industry Facility (CBIF); and 100 for 100 Policy on Production and Productivity (100 for 100 PPP.