Tuesday , October 26 2021
AGSMEIS: CBN Disburses N134.57bn to 38,140 Beneficiaries, N343.21b under TCF - Emefiele

AGSMEIS: CBN Disburses N134.57bn to 38,140 Beneficiaries, N343.21bn under TCF – Emefiele

The Central Bank of Nigeria (CBN) governor, Mr. Godwin Emefiele said the apex bank supported disbursed N134.57 billion to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS).

Speaking after the Monetary Policy Committee (MPC) meeting in Abuja, he hinted that under the Targeted Credit Facility (TCF), a sum of N343.21 billion has been released to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises.

According to him, 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.

He noted that, “Out of this for the 2021 wet season farming, the Bank released the sum of N161.18 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 have 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.”

“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).

ALSO READ: CBN Investigates Oniwinde Adedotun, AbokiFX Founder for ‘Illegal’ Forex Trading

“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.”

He said 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.

He explained further that, “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.

“CBN has also encouraged Deposit Money Banks (DMBs) to participate in the Solar Connection Facility (SCF) to improve energy access in the rural areas.

“To promote entrepreneurship development among Nigerian youth, the Bank recently approved the implementation of the Tertiary Institutions Entrepreneurship Scheme (TIES). The Scheme is designed to promote entrepreneurial activities and foster job creation among Nigerian youths.”

About Bukola Olanrewaju

Check Also

UBA Profit Rises by 36.5% to N123.4 Billion in Nine Months

UBA Profit Rises by 36.5% to N123.4 Billion in Nine Months

United Bank for Africa Plc (UBA) has announced an increase of 36.5 per cent in …

Leave a Reply

Your email address will not be published. Required fields are marked *