Agriculture, Electricity, CBN provides a breakdown on N2.76tn spent to revive Nigeria's economic recovery

Agriculture, Electricity, CBN provides a breakdown on N2.76tn spent to revive Nigeria's economic recovery

  • The Nigerian economy has returned to growth in 2021 after falling into recession in the better part of last year
  • The economy of Nigeria advanced by 4% year-on-year in the third quarter of 2021, following a 5% expansion in the prior period, which was the strongest since the last quarter of 2014
  • To achieve the economic growth recorded, the Central Bank of Nigeria embarked on various intervention schemes and has provided details

The Central Bank of Nigeria has provided full details on various interventions carried out in the economy in the last few months.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, made the disclosure while reading out the communique from the Monetary Policy Committee meeting in Abuja on Tuesday, 23 November 2021.

Read also

Eyebrows raised on govt plans to increase pressure on its finances from N72bn to N200bn over fuel subsidy

According to details from Emefiele's presentation, over N2.76 trillion was disbursed to various sectors which include manufacturing/industries, agriculture, energy/infrastructure, healthcare, and Micro, Small, and Medium Enterprises (MSMEs).

CBN gives details on N2.76 trillion disbursed on 15 different interventions to get the economy back to growth
Nigeria's economy is on a recovery Credit: peeterv
Source: Getty Images

Breakdown

CBN in its communique revealed that under the targeted credit facility, it disbursed a total of N363.49 billion to 766,719 beneficiaries, comprising 638,070 households and 128, 649 small businesses.

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

While under CBN Agribusiness Small and Medium Enterprise Investment Scheme (AgSMEIS), N134.63 billion was released to 37,571 entrepreneurs.

Also, the communique showed that between September and October 2021, under the Anchor Borrowers’ Programme (ABP), CBN disbursed N43.19 billion to support the cultivation of over 250,000 hectares of maize, sorghum, soya beans, and rice during the 2021 dry season; and N5.88 billion to finance six (6) large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS).

Read also

GT, Zenith Head the List of Nigerian Banks With Best-Paid Executives as Monthly Salary Average N8.4m

CBN said:

"Cumulatively the total sum of ₦864 billion to 4.1 million farmers, cultivating 5.02 million hectares. N41.2 billion was also disbused for the commencement of the brown revolution, a large-scale wheat program to wean us off imports by 35 percent in the first year."

CBN communique also showed the sum of N261.92 billion was disbursed for 42 additional projects under the N1 trillion manufacturing intervention.

Cumulatively CBN said the bank has disbursed the sum of N1.08 trillion under this Scheme.

Health sector

The communique also showed CBN was actively involved in the health sector.

According to the communique, it disbursed N5.39 billion to Nine (9) healthcare projects under the Healthcare Sector Intervention Facility (HSIF).

The Bank has also cumulatively disbursed the sum of N108.65 billion to hospitals and the pharmaceutical industry. 54 of the 117 projects funded are for hospital services.

Power

The communique also revealed under the National Mass Metering Programme (NMMP), N8.69 billion was disbursed to four (4) Distribution Companies (DisCos) under the scheme’s Phase-0.

Read also

FG gives N656 billion financial support to 36 states, as each state will receive N18 billion

The sum of N47.66 billion has been disbursed so far for the acquisition of 858,026 meters.

Also, in furtherance of its intervention in the energy sector, the Bank released N27.03 billion to power sector players under the Nigeria Bulk Electricity Trading Payment Assurance Facility (NBET-PAF).

This is in addition to the N37.69 billion disbursed to eight (8) Distribution Companies (DisCos) recently, under the Nigeria Electricity Market Stabilisation Facility (NEMSF-2).

GAS

CBN also disbursed the sum of N39.2bn under the Nigerian gas expansion program to promote the migration to compressed natural gas (CNG) as the preferred fuel for transportation and liquefied petroleum gas (LPG) as the preferred cooking fuel.

CBN releases selection criteria for participation in 100 for 100 Policy

Meanwhile, Legit.ng had earlier reported that the Central Bank of Nigeria on Sunday, unveiled the selection process of its newly introduced financial tool.

The 100 for 100 PPP The bank made this official in a notice issued and signed by the development finance department.

CBN explained further that the selection would be rated on the immediate impact the participating companies has on various sectors of the economy.

Source: Legit

Online view pixel