CBN disburses N171bn to power, airline projects

BY NAOMI UZOR

Central Bank of Nigeria, CBN, yesterday, said it has disbursed N171.12 billion to 30 power and airline projects through the  Bank of Industry, BOI.

Speaking at a one day bi-annual dialogue on impact of government intervention funds in the transformation of the Nigerian economy, organised by the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture, NACCIMA, the Governor of CBN, Lamido Sanusi, said as at May 31, 2012, N171.12 billion has been disbursed through the BOI to airline and power projects under power and airline intervention fund. He said 14 airline projects got N90.45 billion while 16 power projects got N80.67 billion.

Sanusi said that Power and Airline Intervention Fund, PAIF, was introduced in September, 2010 to provide the leverage that will motivate and stimulate private sector involvement in the power and airline sectors, as well as fast track the development of both sectors of the economy.

“The CBN provided N300 billion facility for investment in debentures which was issued by the Bank of Industry, BOI, in accordance with section 31 of the CBN Act 2007, for investment in power and airline projects”.