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The Federal
Executive Council (FEC) has commended the Central Bank of Nigeria (CBN)
for the prompt release of a N199.67 billion credit facility to 516
manufacturers across the country.

The minister of
information and communications, Dora Akunyili, made the remark while
briefing State House correspondents at the end of the council’s weekly
meeting in Abuja on Wednesday.

Mrs. Akunyili said
the council made the commendation after the CBN governor, Sanusi Lamido
Sanusi, had briefed it on the performance of the nation’s economy in
the third quarter of 2010.

She said the credit
facility will be disbursed under the manufacturers’ SMEs Loan
Restructuring Refinancing Scheme, at a fixed interest rate of seven
percent.

The minister said
the CBN governor told the council that N130.99 billion of the amount
was disbursed through the Bank of Industry. She said the council was
also informed that there had been a steady growth in the nation’s GDP,
which continued to be driven largely by the non-oil sector,
particularly agriculture.

“The inter-bank rates and other money market rates, including
lending, also moderated. The foreign exchange market was substantially
stable, while the slow and steady recovery in the capital market
continues,” Mrs. Akunyili said.