‘We Have Distributed ₦1.48 trillion To Agricultural Invention Beneficiaries’ – CBN

MPC Holds Interest Rate At 11.5 Percent

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele said that CBN has disbursed ₦1.48 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 ₦107.60 billion.

CBN’s Interventions

Commercial Agricultural Credit Scheme

“As of end-February 2021, ₦686.59 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.

Targeted Credit Facility

“Under the Targeted Credit Facility, the bank has disbursed ₦218.16 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.

READ ALSO: Targeted Credit Facility: How To Apply For CBN’S ₦50 billion Loan

Agri-Business/Small and Medium Enterprise Investment Scheme

“Under the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), ₦111.62 billion has been disbursed to 28,961 beneficiaries, 70 percent of which are in the agricultural sector.

Creative Industry Financing Initiatives

“Under the Creative Industry Financing Initiatives mainly targeted at youths, ₦3.19 billion has been disbursed to 341 beneficiaries, of which 53 percent is to the movie industry.

National Mass Metering Programme

“Under the National Mass Metering Programme, ₦33.45 billion has been disbursed to 9 distribution companies for the procurement of 605,852 meters, while ₦89.89 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.”

Healthcare Intervention Fund

According to Emefiele, the CBN has disbursed ₦94.34 billion to 85 projects in the pharmaceutical industry, hospitals, and state governments under the ₦100 billion Healthcare Intervention Fund adding that the bank is willing to expand the facility.

Manufacturing Intervention Stimulus

Under the ₦1.0 trillion Manufacturing Intervention Stimulus, he said ₦803.36 billion has been disbursed to 228 projects across various sectors in agro-allied, mining, steel production, and packaging industries, amongst others.

About Author

Aina Adepeju is a Mass Communication graduate. Adepeju loves photography. She is a Member of the Nigerian Institute of Public Relations (NIPR) and Advertising Practitioners Council of Nigeria (APCON). Adepeju can be reached via [email protected]

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