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CBN disburses N2.28tr to agriculture, creative industry, 9 others to stimulate economy

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The Central Bank of Nigeria (CBN) has disbursed N2.28 trillion across various sectors of the nation’s economy in the last few months.

The apex bank disclosed this in a communiqué issued at the end of its Monetary Policy Committee (MPC) meeting on Tuesday in Abuja and read by its Governor, Godwin Emefiele.

The funds, according to CBN, were released to the sectors to stimulate the economy.

It released the 11 areas where the money was disbursed and expressed optimism it would help depress inflationary pressure as output growth improves and the negative output gap closes.

The communiqué read: “Under the CBN’s development finance initiatives, the Bank granted N756.51 billion to 3,734,938 smallholder farmers cultivating 4.6 million hectares of land, of which N120.24 billion was extended for the 2021 Wet Season to 627,051 farmers for 847,484 hectares of land under the Anchor Borrowers’ Programme (ABP).

“For the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), the sum of N121.57 billion was disbursed to 32,617 beneficiaries, and for the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs).

“Under the National Youth Investment Fund (NYIF), the Bank released N3.0 billion to 7,057 beneficiaries of which 4,411 were individuals and 2,646 SMEs. Under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 356 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals.

“Under the N1.0 trillion Real Sector Facility, the Bank released N923.41 billion to 251 real sector projects, of which 87 were in light manufacturing, 40 in agro-based industry, 32 in services, and 11 in mining.”

READ ALSO: CBN to support cultivation of 500,000 hectares of maize in 2021

CBN also revealed it disbursed N100 billion to the Healthcare Sector Intervention Facility (HSIF), N98.41 billion for 103 health care projects, of which, 26 are pharmaceuticals and 77 for hospital services.

“Similarly, the sum of N232.54 million was disbursed to five beneficiaries under the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for COVID-19 and Lassa fever.

“On the National Mass Metering Programme (NMMP), N36.04 billion was disbursed to 17 Meter Asset Providers and nine DisCos for the procurement and installation of 657,562 electricity meters.

“While the Nigerian Electricity Market Stabilization Facility – 2 (NEMSF-2), the CBN released N120.29 billion to 11 DisCos to provide liquidity support and stimulate critical infrastructure investment needed to improve service delivery and collection efficiency,” the communiqué added.

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