Farmers in the country have received credit worth N174.48 billion from the Central Bank of Nigeria through 19 commercial banks in a bid to diversify the country’s economy.
According to the bank, 902, 518 farmers have benefited from the have become beneficiaries under the CBN’s credit scheme for the agricultural sector.
CBN Governor, Godwin Emefiele stated this at the CBN Special Day at the outgoing 30th Enugu International Trade Fair, adding that the apex bank has also disbursed about N183.09billion to stabilise the generation of more than 1,200mw in both hydro and thermal plants overhaul of Jebba Hydro and Shiroro as well as Kaiji Dams.
Emefiele, who was represented by the Director, Corporate Communications Department of Central Bank, Isaac Okorafor said that the Bank has sustained its intervention in other critical sectors particularly in Agriculture, Power, Aviation, Health and many others.
“It is with great sense of gratitude and honour that I welcome you all to the CBN special day at the ongoing 30th Enugu international trade fair with the theme; ” promoting and enhancing value addition in the oil and non-oil sector of the economy for robust economic growth and development”.
“The bank finds the aforementioned theme very fitting as it elaborately captured the effort of the central Bank of Nigeria toward diversification of the economy against the current overdependent on the oil sector. As part of its developmental functions, the bank has sustained its intervention in other critical sectors particularly in Agriculture, power, Aviation, Health, etc; aimed at triggering robust economic growth and development of the country.
“These intervention which has contributed significantly in driving Nigeria’s economic growth and development include, but not limited to the following: Anchor borrowers programme; This scheme was launched in 2015 and has recorded tremendous success not only in terms of reduction in the nation’s food import bills, conservation of foreign exchange and boosting the income levels/financial capacity of the local farmers.
“A cumulative of N174,48billion had been disbursed through 19 participating financial institutions to finance 902,518 farmers working with 194 anchor companies. The ABP had also created 2,807,775 and 8,423,325 direct and indirect jobs, respectively” Emefiele stated.
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.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...