1.1 million Jobs Created Through Agric Intervention – CBN

The Central Bank of Nigeria on Thursday said it had created a total of 1.13 million jobs along the various agricultural value chains.

It said through its various interventions in the sector, capacity utilisation of agro-allied companies had also been increased.

The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, said these at the CBN’s ‘Special Day’ during the Abuja International Trade Fair.

At a similar event, the Nigerian Deposit Insurers Corporation said a total of N116.25bn had been paid to depositors of failed financial institutions.

Okoroafor said the jobs were created through the bank’s Commercial Agricultural Credit Scheme that began in 2009 to fast-track the development of the agricultural sector.

The scheme provided credit facilities to commercial agricultural enterprises at a single-digit interest rate.

Represented by the Deputy Director, CCD, Mrs Veronica Aqua, he said that a total of 255 private firms, 14 state governments and 1.14 million farmers had benefitted from the CBN Anchor Borrowers Programme.

He said the farmers benefitted from the ABP in the production of 17 different agricultural products.

He said the apex bank was implementing various initiatives to empower the youths.

According to him, the CBN has collaborated with the Bankers Committee to institute the Agribusiness Small and Medium Enterprises Scheme to create employment opportunities and boost the managerial capacity of agribusinesses.

He said, “The CBN and Bankers Committee equally set up the Creative Industry Financing Initiative to improve access to long-term, low-interest financing by entrepreneurs and investors in the industry.

“The bank did the same thing in Information Technology sub-sectors to boost job creation in the country especially among the youth. The CBN has intervened in 29 various programmes targeted at the different stakeholder groups.”