CBN disburses N1.452trn for 337 real sector projects

The Central Bank of Nigeria said it disbursed N1.452 billion for 337 major real sector projects in agriculture, manufacturing, services and mining under the Development Support Facility. real sector as part of the effort to diversify the country’s economic base.

CBN Corporate Communications Department Director Osita Nwanisobi who disclosed on Sunday during the “Special CBN Day” at the ongoing 33rd Enugu International Trade Fair also noted that 948 billion Naira had been disbursed to 4,478,381 smallholder farmers under the Anchor Borrowers scheme. .

Nwanidobi said the program achieved the desired goal, as beneficiary farmers cultivated 5.2 million hectares of agricultural land, creating 12.6 million direct and indirect jobs across the country.

Unfolding other interventions the apex bank had taken to revive the economy and create access to credit, he said the CBN had extended the 5% interest rate on all its intervention loans until March. 2023.

He said, “The recently launched Tertiary Institutions Entrepreneurship Scheme (TIES) is an innovative funding model that will create jobs, improve the entrepreneurial ecosystem and support economic growth and development through agribusiness, creative industry, science and technology and information technology and software development.

“The overall objective of the 100 Percent Production and Productivity Policy (PPP) is to boost production and productivity, necessary to transform and revive the productive base of the Nigerian economy.

“The Initiative is also expected to reverse the country’s over-reliance on imports, creating an ecosystem that targets and supports the right companies and projects with the potential to immediately transform Nigeria’s productive base every 100 days”.

“The Bank has so far disbursed N29.51 billion for 31 projects, including 16 in manufacturing, 13 in agriculture and 2 in health. The RT200 FX program, which stands for the “race to US$200 billion in foreign exchange repatriation, was recently announced by the CBN in consultation with the Bankers Committee”.

He added, “Under our Targeted Credit Facility (TCF), which was intended to cushion the severe effects of the Covid-19 pandemic, we disbursed N368.79 billion to 778,000 beneficiaries comprising 648,052 households and around 130,000 SMEs.

“The Bank has also recently disbursed $8.50 billion for 6 healthcare projects under the Health Sector Intervention Center (HSIF), bringing cumulative disbursements to N116.72 billion for 124 projects, including 31 pharmaceuticals, 56 hospitals and 37 other health-related services.

“As part of efforts to further support the resilience of the health sector, an additional tranche of N14.7 million has been disbursed to five researchers under the Health Sector Research and Development Grant ( HSRD)”.

Nwanisobi, however, noted that the theme of the fair, “Opening Nigeria’s Trade Windows for
Competitiveness in the Emerging Global Market”, could not have come at a better time than now, as the global economy gradually opens up for business after the global lockdown that has affected economies, leading to recessions.

While commending the management of the Enugu Chamber of Commerce, Industry, Mines and Agriculture for their efforts in organizing this year’s trade fair, he said CBN was delighted that they lead pragmatic conversations on reshaping the Nigerian economy through the fair.

“This is perfectly in line with the Bank’s desire to diversify the country’s economic base and encourage the export of non-oil raw materials.

“It also underscores the CBN Governor’s clarion call for Nigerians to not only focus on producing commodities in which they have a comparative advantage, but also to produce, add value and export in order to develop Nigeria’s economy and create jobs”.

Earlier in his remarks, ECCIMA President Jasper Nduagwuike commended CBN for its interventions in various sectors of the economy, adding that it had more than proven its commitment to ensuring welfare and well-being. be of the Nigerian economy.

“The CBN can shrug its shoulders with pride for the uncommon contributions it has made not only to the economy but also to the everyday life of the common man.”

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