Nigeria’s central bank disburses N791.9bn to farmers

The Central Bank of Nigeria has disbursed a total of N791.9 billion to 3.9 million farmers across the country under its Anchor Borrowers’ Programme (ABP).

The CBN disclosed this in a communiqué issued at the end of its 281st Monetary Policy Committee (MPC) meeting on Friday in Abuja.

According to the apex bank, the fund was part of its various interventions in various sectors of the nation’s economy particularly manufacturing, agriculture, energy/infrastructure and Micro, Small, and Medium Enterprises (MSMEs).

The communiqué read: “The Bank under its Anchor Borrowers Programme (ABP) has cumulatively released the sum of N798.09 billion to 3.9 million smallholder farmers cultivating 4.9 million hectares of land across the country.

“ Out of this for the 2021 wet season farming, the Bank released the sum of ₦161.18 billion to 770,000 small-holder farmers cultivating seven commodities on 1.10 million hectares across the country.

“While harvesting for the 2020 dry season under the Programme is rounding up, harvesting activities had commenced for the 2021 wet season cultivation. The Strategic Maize Reserve Programme of the CBN has been useful in moderating maize prices by directly targeting large feed mill producers.

“Under its Commercial Agriculture Credit Scheme (CACS), the CBN has supported 657 large-scale agricultural projects to the tune of N708.39 billion.

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

“To support MSMEs across the country, the Bank disbursed N134.57 billion to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), and for the Targeted Credit Facility (TCF), the sum of N343.21 billion has been released to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises.

“Under the Real Sector Facility, the Bank released the sum of N1.00 trillion to 269 real sector projects, of which 140 are in light manufacturing, 71 in agro-based industry, 47 in services and 11 in mining.

“Under the Healthcare Sector Intervention Facility (HSIF), N103.02 billion has been disbursed for 110 healthcare projects, of which 27 are pharmaceutical, 77 hospitals and 6 other healthcare service projects.

“The Bank has also disbursed a total of N145.99 billion under its Non-Oil Export Stimulation Facility (NESF). The CBN has revised the guidelines, working with Nigerian Export-Import Bank to improve access to the intervention and stimulate non-oil export growth in Nigeria.

“Under the National Mass Metering Programme (NMMP), N41.06 billion has been disbursed to 10 DisCos, for the procurement and installation of 759,748 electricity meters.

“Under the Nigerian Electricity Market Stabilization Facility – 2 (NEMSF-2), the Bank has released the sum of N145.66 billion to 11 DisCos as loans to provide liquidity support and stimulate critical infrastructure investment to improve service delivery and collection efficiency.

“In furtherance of its intervention in the energy sector, the Bank has disbursed N39.20 billion to six beneficiaries to improve gas-based infrastructure to support the Federal Government’s Auto-Gas Conversion Programme.”

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