FEC COMMENDS CBN

The Federal Executive Council (FEC) yesterday commended the Central Bank of Nigeria for its performance which has earned it international recognition.

The Minister of Information and Communication, Dora Akunyili said according to the CBN performance of the economy in the third quota of 2010, 'there had been steady growth in Gross Domestic Product, GDP, which continues to be driven largely by the non-oil sector, particularly agriculture, but the persistence of high inflation remains a challenge.

She said the report presented to the council by CBN Governor Sanusi Lamido Sanusi, stated that 'Interbank rates and other money markets rates, including lending, also moderated. The foreign exchange market was substantially stable, while the slow but steady recovery in the capital market continued. The growth in monetary and  private sector credit-aggregates however remained sluggish.'

The apex bank also told the government that it has so far made available the  total sum of N199.671 billion credit facilities to 516 manufacturers/SMEs under  the manufacturing/SMAs loan restructuring/ refinancing scheme fund at a fixed  rate of 7 per cent. Of the above, N130.199 billion has been disbursed through  the Bank of Industry. The projects are expected to generate thousand of  employment'.

Akunyili, who briefed newsmen after the weekly meeting, revealed that Council commended the apex bank and the Director General of Security and Exchange Commission (SEC), Arunma Oteh over their recent meeting with the United States Congress.