Emefiele said the bank had repositioned itself to improve the economy after exiting recession.
He further disclosed that the contributions to the fund was nearing the N60 billion mark, adding that the CBN and deposit money banks had concluded plans to unfold the disbursement criteria of the funds to the vulnerable sector in Nigeria, which he said needed access to credit. That is the reason we kept the Monetary Policy Rate, MPR, at 14 per cent.
CBN Governor Godwin Emefiele has rejigged placements of Deputy Governors of the apex bank with Aisha Ahmad taking over the Financial System Stability (FSS) Directorate from Dr. Joseph Nnanna Okwu, who now moves to the Economic Policy Directorate.
Mr Emefiele said these global shocks triggered five consecutive quarters of Gross Domestic Product (GDP) contraction of the country's economy at minus 2.3 per cent in the third quarter of 2017, from almost 7 per cent in previous years.
With inflation rising to a peak of over 18 per cent in January 2017, he said unemployment rate equally increased to about 16.2 per cent in the second quarter of 2017, while the exchange rate depreciated to over N520 to the dollar during the period.
Nigeria, he said, entered recession because of the fall in oil prices from an average of about $110 per barrel to $28 per barrel; normalisation of monetary policy by the United States Federal Reserve System, which led to the stoppage of an injection of about $85 billion per month into the global economy; and geopolitical tensions among critical trading routes and partners around the world.
He said: "In order to continue our gains in local production and help boost non-oil exports, we are in the process of finalising the creation of a N500 billion fund with the Nigeria Export-Import Bank to assist local manufacturers interested in non-oil exports".
Again, he said, the country's foreign reserves have continued to grow from about $23 billion in October 2016 to more than $47.37 billion as at April 5, 2018.
To sustain the recovery and avoid slipping into another recession, Mr Emefiele warned Nigerians to remain vigilant and ensure political leaders and policymakers were not allowed to be complacent of their responsibilities. "We must strive to improve and sustain the same policies that have gotten us this far", he said.
Reeling out the achievements of the CBN, Mr. Emefiele said the sum of ₦393.5 billion had been released to 478 large scale agricultural projects since inception in 2010, even as the Bank was poised to disburse up to ₦400 billion at only 9.0 percent interest rate under the Real Sector Support Facility (RSSF), adding that the strategic initiative was targeted at projects in manufacturing and agriculture, given the mutual interdependence of both sectors for the complete industrialization of agro-allied business.
"We must not be quick to discard the restrictive measures which aided our recovery simply because the metrics have improved".
Apart from expanding the Anchor Borrowers' Programme to other crops and states, he said the bank was now finalising the creation of a N500 billion fund with the Nigeria Export-Import Bank to assist local manufacturers interested in non-oil exports.