Emefiele: CBN’s intervention loans Hit N3tn
The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the bank in conjunction with other financial institutions granted over N3tn intervention loans to help economic recovery and job creation.
Emefiele says that the current focus of monetary policy was macroeconomic stability – “to build a strong, stable and resilient economy that is self-sustaining and able to weather unanticipated shocks.”
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The CBN governor, represented by the Deputy Governor, Corporate Services, Edward Adamu, spoke in a lecture titled, ‘The role of central banks in managing economic downturns’ that he delivered at the 40th anniversary/convocation lecture at the Ekiti State University, Ado Ekiti.
He says, “Specifically, under the Anchor Borrowers Programme, we have disbursed N948bn to 4,478,381 smallholder farmers who cultivated 5.2million hectares of farmland across the country, thereby creating 12.5 million direct and indirect jobs.
“Under our Targeted Credit Facility, which was meant to help households and businesses that suffered significant losses during the pandemic, we have disbursed N368.79bn to 778,000 beneficiaries comprising 648,052 households and about 130,000 SMEs.
“We have also disbursed N1.452tn to 337 large real sector projects in agriculture, manufacturing, services, and mining under our Real Sector Support Facility. In healthcare, 122 major healthcare projects have been funded to the tune of N115.36bn.”
He added, “So far, the CBN, working with the DMBs and participating financial institutions has granted over N3tn in intervention loans that have undoubtedly aided economic recovery and employment generation.”
EKSU Vice-Chancellor, Prof Edward Olanipekun, described the 40 years of the establishment of the university as impactful in the life of the state, saying EKSU had been a reliable training ground for future leaders.
According to Olanipekun, the institution will not spare any effort to keep the flag flying in a bid to remain one of the best citadels of learning for Nigerians.
The Chairman of the occasion and Catholic Bishop of Ekiti Diocese, Most Revd Felix Ajakaye, urged governments to be more pragmatic in implementing policies so that they impact on citizens in a positive manner.
