CBN: Beneficiaries of our agric interventions have received N1.48trn

CBN: Beneficiaries of our agric interventions have received N1.48trn

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the apex bank has disbursed N1.48 trillion to beneficiaries of its agricultural interventions.

Emefiele provided a progress report of the CBN’s intervention activities at the end of the two-day meeting of the monetary policy committee (MPC).

He said a total of 548,109 farmers cultivating 703,619 hectares of land between Q4 2020 and Q1 2021 to boost dry season output received N107.60 billion.

“As of end-February 2021, N686.59 billion was disbursed under the Commercial Agricultural Credit Scheme (CACS) and ₦601.75 billion under the Anchor Borrowers Programmes (ABP) to 3,038,649 farmers to support food supply and dampen inflationary pressures,” Emefiele told journalists.

“Under the Targeted Credit Facility, the bank has disbursed N218.16 billion to 475,376 beneficiaries, of which 34 percent are SMEs.”

TCF is a stimulus package targeted at supporting households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.

Interested applicants can access the loan application portal via this link.

“Under the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), N111.62 billion has been disbursed to 28,961 beneficiaries, 70 percent of which are in the agricultural sector.

“Under the Creative Industry Financing Initiatives mainly targeted at youths, N3.19 billion has been disbursed to 341 beneficiaries, of which 53 percent is to the movie industry.

“Under the National Mass Metering Programme, N33.45 billion has been disbursed to 9 distribution companies for the procurement of 605,852 meters, while N89.89 billion has been disbursed under the Nigeria Electricity Market Stabilisation Facility (NEMSF 2) to 11 distribution companies to improve the electricity supply industry in Nigeria.”

According to Emefiele, the CBN has disbursed N94.34 billion to 85 projects in the pharmaceutical industry, hospitals and state governments under the N100 billion Healthcare Intervention Fund adding that the bank is willing to expand the facility.

Under the N1.0 trillion Manufacturing Intervention Stimulus, he said N803.36 billion has been disbursed to 228 projects across various sectors in agro-allied, mining, steel production and packaging industries, amongst others.