The Central Bank of Nigeria (CBN) has provided a detailed breakdown of how much has been spent on various intervention programmes across sectors of the economy.
CBN disclosed the breakdown in a communiqué issued at the end of the first MPC meeting in 2023 published on its website.
The communique noted that the performance of the bank’s various interventions was aimed at stimulating production and productivity across the real sector.
Part of the communique reads: “Between September and October 2022, under the Anchor Borrowers’ Programme (ABP), the Bank disbursed N41.02 billion to several agricultural projects, bringing the cumulative disbursements under the Programme to over N1 trillion.”
“The beneficiaries are over 4.6 million smallholder farmers cultivating or rearing 21 commodities across the country.”
Details from the communique also revealed that the CBN released N300 million to finance large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS), bringing the total disbursements under the Scheme to N745.31 billion for 680 projects in agro-production and agro-processing projects.
“In addition, the Bank released the sum of N48.30 billion under the N1.0 trillion Real Sector Facility to seven (7) new real sector projects in agriculture,manufacturing, and services.
“Cumulative disbursements under the Real Sector Facility currently stood at N2.15 trillion disbursed to 437 projects across the country, comprising 240 in manufacturing, 91 in agriculture, 93 in services and 13 mining sector projects.
“Furthermore, under the 100 for 100 Policy on Production and Productivity (PPP), the Bank has disbursed the sum of ₦20.78 billion to nine (9) projects in healthcare, manufacturing, and services.
“This brings the cumulative disbursements under the facility to ₦114.17 billion to 71 projects across healthcare, manufacturing, services and agriculture.”
The Bank also released N4.00 billion under the Intervention Facility for the National Gas Expansion Programme (IFNGEP) to promote the adoption of compressed natural gas (CNG) as the preferred fuel for transportation and liquefied petroleum gas (LPG) as the preferred cooking fuel.
In the MSME sector, the apex bank supported entrepreneurship development with the disbursement of the sums of N1.33 billion and N10.00 million under the Agribusiness/Small and Medium Enterprise Investment Scheme (AgSMEIS) and Micro, Small, and Medium Enterprise Development Fund (MSMEDF), respectively, to support entrepreneurship development in the country, bringing the total disbursement under the interventions to N150.22 billion and N96.08 billion, respectively.
Under the Export Facilitation Initiative (EFI), the Bank funded
export-oriented projects with a sum of N5.34 billion, bringing the cumulative disbursement under the intervention to N44.58 billion.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...