Business

CBN disburses N948bn to farmers; N368.79bn to households, SMEs — Director

The Central Bank of Nigeria (CBN) has disbursed N948 billion to smallholders farmers and N368.79 billion to over 778,000 beneficiaries comprising 648,052 households and about 130,000 Small and Medium Enterprises (SMEs).

This was disclosed by the apex bank’s Director Corporate Communications Department, Mr. Osita Nwanisobi, during a special day at the 43rd Kaduna international trade fair.

According to Nwanisobi, “a total of 4,478,381 smallholders farmers who cultivated 5.2 million hectares of farmland across the country and created 12.5 million direct and indirect jobs have received N948 billion under the Anchor Borrowers Program (ABP).”

“The recently launched Tertiary Institutions Entrepreneurship Scheme (TIES) is expected to unleash the potential of Nigerian graduate entrepreneurs by providing re-orientation, training and innovative financing model that will enhance the entrepreneurial ecosystem with transformational impact on the economy.”

“The broad objective of the 100 for 100 policy in production and productivity (PPP) is to boost production and productivity, necessary to transform and jumpstart the productive base of the Nigerian economy.”

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“It is also expected that the initiative will reverse the nation’s over reliance in imports, by creating an ecosystem that targets and supports the right companies and projects with potential  to immediately  transform and Kickstart  the productive base of the economy.”

“About N23.20 billion has been disbursed to encourage financial inclusion; reduce cost of processing cash and enable direct welfare disbursement to citizens.”

“The continued modernization of our payments system and increasing number of fintech solutions that offer new capabilities to consumers, lend credence to the launch of the Central Bank of NIgeria Digital Currency (CBDC), the eNaira which he said will improve the availability and usability of central bank money.”

“Let me reassure you that the Central Bank of Nigeria under the leadership of Mr. Godwin Emefiele will continue to be a people focused Central Bank promoting confidence in the economy and enabling an improved standard of living,” he said.

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