Over N1trn Spent on Intervention Programs in 3 Months – CBN
The Central Bank of Nigeria (CBN) says over N1trn has been spent on various intervention programmes across sectors of the economy in 3 months.
CBN disclosed the breakdown in a communiqué issued at the end of the first MPC meeting in 2023.
The communique noted that the performance of the bank’s various interventions was aimed at stimulating production and productivity across the real sector.
The communique in part 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.”
Also Read: Used Vehicle Imports Drop by 40% in 2022
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.