The Central Bank of Nigeria (CBN), said it has disbursed N12.65 billion through the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme from January till date.
The CBN Governor, Godwin Emefiele, said this on Tuesday in Abuja, when he read the communiqué issued at the end of the 290th meeting of the apex bank’s Monetary Policy Committee (MPC).
According to Emefiele, the total sum that has been disbursed under the ABP since inception in 2015 is N1.09 trillion.
“Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP.
“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland,” Emefiele said.
He said the CBN has also disbursed huge sums as intervention to various other sectors of the economy.
“The CBN also released the sum of N23.70 billion under the N1.0 trillion Real Sector Facility to eight new real sector projects in agriculture, manufacturing, and services.
“Cumulative disbursements under the Real Sector Facility currently stands at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects,” he said.
He said the apex bank also released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos).
He said the facility was aimed at improving liquidity status of the Discos, and aiding their recovery of legacy debt.
“This brings the cumulative disbursement under the facility to N254.39 billion,” he said. (NAN)
It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland.
CBN is doing commercial bank business which may lead to crowding out effect on the banking sector. CBN has no business doing direct lending but rather create financial environment that will make agrck lending attractive to the banks.