By Jeph Ajobaju, Chief Copy Editor
Palliative worth N253 billion has been disbursed by the Central Bank of Nigeria (CBN) to 548,345 beneficiaries – 470,969 households and 77,376 Small and Medium Enterprises (SMEs) – nationwide for post-pandemic economic revival.
This latest sum factors in the prior CBN announcement in March that it had disbursed N149.21 billion to households and SMES after raising its Targeted Credit Facility (TCF) for households and SMEs from N150 billion to N300 billion.
CBN Governor Godwin Emefiele said in May that South South states – Akwa Ibom, Bayelsa, Cross River, Delta, Edo, and Rivers – have received N333.2 billion from the bank for economic projects, particularly in agriculture.
He disclosed the figure in Port Harcourt at the launch of Rivers Cassava Processing Company (RCPC) established to support improved production and processing of cassava into high quality flour.
The disbursement of N253 billion was announced by acting CBN Corporate Communications Director, Osita Nwanisobi, at the 42nd Kaduna International Trade Fair.
He said the bank has reduced interest on CBN intervention loans from 9 to 5 per cent to encourage more lending and also created N150 billion TCF for households and SMEs through the NIRSAL Microfinance Bank.
According to him, over 3,107,949 small-scale farmers have benefitted from the CBN Anchor Borrowers’ Programme (ABP) as of April 2021.
Participation in CBN intervention schemes
He urged Nigerians, particularly women and youths, to participate in CBN intervention schemes such as
· ABP
· TCF
· Commodity Development Initiative (CDI)
· Creative Industry Financing Initiative (CIFI)
· Micro Small and Medium Enterprises Development Facility (MSMEDF) and
· Agric-business/Small and Medium Enterprises Investment Scheme (AGSMEIS)
Nwanisobi, represented by CBN Kaduna Branch Controller, Ahmed Wali, implored the pubic to stop defacing naira notes because they are symbols of national identity which should be respected and kept clean.
“About 29,026 beneficiaries have accessed N111.7 billion under the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS),” he explained.
“Under the National Youth Investment Fund, 7,057 beneficiaries comprising 4,411 individuals and 2,646 SMEs have so far accessed the scheme.
“The Creativity Industry Financing Initiative (CIFI) has also provided loan facilities for 341 beneficiaries across movie production, movie distribution, music and software development.”
Nwanisobi said the CBN is working with the fiscal authority to improve the investment climate to attract Foreign Direct Investment (FDI).
Purpose of TCF
In March, Emefiele explained that the CBN “initially created a N150 billion Targeted Credit Facility for affected households and small and medium enterprises through the NIRSAL Microfinance Bank.
“Already, N149.21 billion has been disbursed to 316,869 beneficiaries.
“Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to about N300 billion, in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.”
In line with the growing need to go digital, he said, the application process was done online and required limited paperwork from prospective applicants.
The CBN introduced the TCF in March 2020 as a package to support households and MSMEs impacted by coronavirus.
It supports households and stimulates credit to MSMEs to expand productivity through equipment upgrade as well as research and development.
