The Central Bank of Nigeria (CBN) has disclosed that it released the sum of N756.51 billion to 3,734,938 smallholder farmers, cultivating 4.6 million hectares of land, to boost the Federal Government’s food security initiative.
According to CBN governor, Godwin Emefiele, in a communiqué at the end of the bank’s 280th Monetary Policy Committee (MPC) meeting, of the amount, N120.24 billion was given to 627,051 farmers for the 2021 wet season for 847,484 hectares of land, under the Anchor Borrowers’ Programme (ABP) while the sum of N121.57 billion was disbursed to 32,617 beneficiaries.
“For the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs).’’
He stated that the apex bank also expended huge sums in its youth investment scheme, to empower Nigerian youths, and to reduce unemployment by providing to the creative sector and Information Technology.
“Under the National Youth Investment Fund (NYIF), the Bank released N3.0 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs. Under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 356 5 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals,’’ Emefiele added.
He further said the CBN had invested almost N1trillion to boost the real sector of the economy, covering 251 real sector projects and that the bank’s intervention also spanned health sector support initiatives and electricity distribution.
“Under the N1.0 trillion Real Sector Facility, the Bank released N923.41 billion to 251 real sector projects, of which 87 were in light manufacturing, 40 in agro-based industry, 32 in services and 11 in mining. On the N100 billion, Healthcare Sector Intervention Facility (HSIF), N98.41 billion was disbursed for 103 health care projects, of which, 26 are pharmaceuticals and 77 are in the hospital services.
“Similarly, the sum of N232.54 million was disbursed to five beneficiaries under the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for COVID-19 and Lassa Fever. On the National Mass Metering Programme (NMMP), N36.04 billion was disbursed to 17 Meter Asset Providers to nine Distribution Companies (DisCos), for the procurement and installation of 657,562 electricity meters,’’ Emefiele added.
