By Jeph Ajobaju, Chief Copy Editor
A total N477.78 billion has been disbursed by the Central Bank of Nigeria (CBN) to the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) (N134.57 billion) and for the Targeted Credit Facility (TCF) (N343.21 billion).
The real sector – manufacturing, agric-based industry, services, mining – received N1 trillion.
CBN Monetary Policy Committee (MPC) made the disclosures, saying it assessed the effectiveness of measures taken to maintain output growth and mitigate the risks of additional external and internal shocks to the economy.
The CBN reiterated that its focus to grow the economy remains manufacturing, agriculture, energy/infrastructure, and Micro, Small, and Medium Enterprises (MSMEs), per Nairametrics.
It highlighted its support to MSMEs and the real sector.
“To support MSMEs across the country, the Bank disbursed N134.57 billion to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), and for the Targeted Credit Facility (TCF), the sum of N343.21 billion has been released to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises,” the CBN said.
“Under the Real Sector Facility, the Bank released the sum of N1.00 trillion to 269 real sector projects, of which 140 are in light manufacturing, 71 in agro-based industry, 47 in services and 11 in mining.
“Under the Healthcare Sector Intervention Facility (HSIF), N103.02 billion has been disbursed for 110 healthcare projects, of which 27 are pharmaceutical, 77 hospitals and 6 other healthcare service projects.
“The Bank has also disbursed a total of N145.99 billion under its Non-Oil Export Stimulation Facility (NESF).
“The CBN has revised the guidelines, working with Nigerian Export-Import Bank to improve access to the intervention and stimulate non-oil export growth in Nigeria.”
Previous interventions
Nairametrics recalls that the CBN has previously made efforts to boost access to credit for MSMEs.
Last month, it released guidelines for the regulation and supervision of credit guarantee companies. The guidelines will
· Serve as a regulatory foundation for credit guarantee firms seeking to minimise credit risk
· Promote lower interest rates on loans
· Complement other measures to promote MSMEs
The CBN has through NIRSAL Microfinance Bank reopened its portal for Micro, Small and Medium Enterprises (SMEs) and households affected by the pandemic to access up to N25 million.