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CBN Disburses N253bn To Households, SMEs

The Central Bank of Nigeria has disbursed N253 billion to 548,345 beneficiaries as part of its response to the COVID-19 pandemic.

The Acting Director Corporate communications Department of the Central Bank of Nigeria (CBN), Mr. Osita Nwanisobi, who revealed this on Thursday,  said the beneficiaries comprised 470,969 households and 77,376 Small and Medium Enterprises (SME’s).

Speaking at the bank’s special day at the ongoing 42nd Kaduna International Trade Fair, Mr. Osita said the bank also reduced its interest rate on CBN intervention loans from 9 to 5 percent and initially created a N150 billion Targeted Credit Facility (TCF) for affected households and SME’s through the NIRSAL microfinance Bank.

Represented by the Branch Controller, Kaduna, Ahmed Mohammed Wali, he said the fund has since been increased in order to accommodate more beneficiaries, boost consumer expenditure and positively impact output growth.

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He noted that the Anchor Borrowers’ Programme had provided intervention facilities to 3,107,949 small holder farmers cultivating 3.8 million hectares of land while about 29,026 beneficiaries have accessed N111.7 billion under the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS).

He said, “The Anchor Borrowers Programme was able to provide intervention facilities to 3,107,949 small holder farmers who cultivated 3.8 million hectares of land.

“We, therefore, enjoin Nigerians, particularly women and youths, to cue into our bouquet of intervention programmes and take advantage of schemes such as the ABP; Targeted Credit Facility (TCF); Commodity Development Initiative (CDI); Creative Industry Financing Initiative (CIFI); Micro Small and Medium Enterprises Development Facility (MSMEDF); and the Agric-business/Small and Medium Enterprises Investment Scheme (AGSMEIS).”

He then assured that the CBN will continue to sustain its interventions in the critical sectors of the economy, particularly in Agriculture, Manufacturing, MSMEs, Infrastructure, Creative Industry, Health etc; to stimulate robust economic growth and development of the country.