CBN increases funding in economic intervention schemes, disburses N1trn to farmers

The CBN has increased its funding and interventions in various sectors to boost economic growth.

Governor of the CBN, Mr Godwin Emefiele, said this on Tuesday in Abuja while presenting a communique issued at the end of the bank’s Monetary Policy Committee meeting.

He said the intervention schemes were targeted at stimulating productivity in agriculture; manufacturing and industry, energy and infrastructure, healthcare, exports, and Micro, Small and Medium Enterprises.

“Between April and May, the CBN released of N57.91 billion under the Anchor Borrowers’ Programme to 185,972 new projects for the cultivation of rice, wheat, and maize.

“This brings the cumulative disbursement under the programme to N1.01 trillion, disbursed to more than 4.2 million smallholder farmers cultivating 21 commodities across the country.

“The CBN also disbursed N1.50 billion under the Accelerated Agriculture Development Scheme to a new youth-led project, piloted and funded through the Government of Ondo State.

“This is for the acquisition of assets for oil-palm cultivation and the establishment of poultry farms.

“This brings the total disbursement under the scheme to N21.23 billion for 10 state-led and three private sector-led projects,’’ he said.

Emefiele said the bank also released N21.73 billion to finance seven large-scale agricultural projects under the Commercial Agriculture Credit Scheme.

He added that the funds were used for the establishment of a ranch and milk processing facility; procurement of feed and medication for livestock and dairy production.

“The funds also went into the construction of a 300 metric-tonne per day oil mill in Gusau, Zamfara and the acquisition and installation of an agrochemical factory.

“This brings the cumulative disbursement under this scheme to N741.05 billion for 674 projects in agro-production and agro-processing,’’ he said.

The governor also said that for the manufacturing sector, the CBN disbursed N436.85 billion to 34 new projects under the “N1 trillion Real Sector Support Facility’’.

“This was used for both new and expansion projects under the COVID-19 Intervention for the Manufacturing Sector and the Real Sector Support Facility from Differentiated Cash Reserve Requirement (RSSF-DCRR).

“Cumulative disbursement under the RSSF for the financing of 402 real sector projects currently stands at N2.10 trillion,’’ he said.

Emefiele also cited the 100 for 100 Policy on Production and Productivity where the CBN disbursed N55.34 billion to 44 projects, comprising 24 in manufacturing, 17 in agriculture, two in healthcare, and one in the services sector.