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Breaking News Nigeria, Latest Nigerian News > News > Business > Nigeria’s Central Bank splurges N4.7 trillion on intervention programmes
Business

Nigeria’s Central Bank splurges N4.7 trillion on intervention programmes

Enyi Ominyi
Enyi Ominyi March 22, 2022
Updated 2022/03/23 at 5:30 PM
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cbn interventions
Godwin Emefiele, Governor of Central Bank of Nigeria
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CBN Interventions gulp N4.7T in 6 years

The Central Bank of Nigeria, CBN has disbursed a total of N4.7 trillion on nine different intervention programmes targeted at different sectors to stimulate economic growth over the past 6 years, Nigeria Today News reports.

The CBN interventions include the Anchor Borrowers’ Programme which targeted smallholder farmers, the Commercial Agriculture Credit Scheme for large scale agricultural projects, the Real Sector Facility for manufacturing and services sectors, the 100 for 100 Policy on Production and Productivity, and the Healthcare Sector Intervention Facility, which was introduced to support the resilience of the healthcare sector during the COVID-19 pandemic.

Other CBN interventions include the Targeted Credit Facility introduced to support households and businesses affected by the COVID-19 Pandemic, the Nigeria Bulk Electricity Trading Payment Assurance Facility and the Nigeria Electricity Market Stabilisation Facility – Phase 2 which were designed to improve access to capital and ease the development of enabling infrastructure in the Nigeria Electricity Supply Industry.

A breakdown of CBN intervention disbursements

Anchor Borrowers’ Programme

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Within the first two months of 2022, Nigeria’s Central Bank disbursed N12.67 billion under the Anchor Borrowers’ Programme, ABP for the procurement of inputs and cultivation of maize, rice, and wheat – the three crops that the authorities believe to have significant concerns of foreign exchange demand.

These disbursements bring the total under the ABP programme to ₦975.61 billion disbursed to over 4.52 million smallholder farmers, who have cultivated 21 commodities across the country.

In a communique released by the Central Bank of Nigeria, CBN after the Monetary Policy Meeting on Monday, the apex bank provided a breakdown of the cumulative disbursements to various CBN interventions schemes that have come to define the development finance policy thrust of the Governor, Godwin Emefiele since his appointment in 2014.

Commercial Agriculture Credit Scheme

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The breakdown also showed that the CBN has released N19.15 billion to finance 5 large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS), bringing the total disbursements under the Scheme to ₦735.17 billion for 671 projects in agro-production and agro-processing.

Real Sector Support Facility

In addition to these, the Bank disbursed the sum of ₦428.31 billion under the ₦1.0 trillion Real Sector Facility to 37 additional projects in the manufacturing, agriculture, and services sectors.

The funds sourced from the Real Sector Support Facility – Differentiated Cash Reserve Requirement (RSSF-DCRR), were utilized for both Greenfield and Brownfield (expansion) projects under the COVID-19 intervention for the Manufacturing Sector (CIMS). Cumulative disbursements under the Real Sector Facility currently stand at ₦1.75 trillion, disbursed to 368 projects across the country.

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100 for 100 Policy

Under the 100 for 100 Policy on Production and Productivity (PPP), the CBN said it has disbursed the sum of ₦29.51 billion to 31 projects, comprising 16 in manufacturing, 13 in agriculture, and 2 in healthcare.

Healthcare Sector Intervention Facility

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As part of its effort to support the resilience of the healthcare sector, the Bank also disbursed ₦8.50 billion to 6 healthcare projects under the Healthcare Sector Intervention Facility (HSIF), bringing the cumulative disbursements to ₦116.72 billion for 124 projects, comprising 31 pharmaceuticals, 56 hospitals, and 37 other services. An additional tranche of N14.7 million was disbursed to five researchers under the Healthcare Sector Research and Development (HSRD) Grant.

Targeted Credit Facility

To support households and businesses affected by the COVID-19 Pandemic, the Bank disbursed N21.66 billion to 19,685 beneficiaries, comprising 12,044 households and 7,641 small businesses under the Targeted Credit Facility (TCF) within the period. The cumulative disbursements under the TCF stood at N390.45 billion to 797,351 beneficiaries, comprising 660,096 households and 137,255 small businesses.

Nigeria Bulk Electricity Trading Payment Assurance Facility

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More so, the Bank disbursed ₦11.11 billion to power sector players, under the Nigeria Bulk Electricity Trading Payment Assurance Facility (NBETPAF), bringing the cumulative disbursements under this facility to ₦1.28 trillion.

Nigeria Electricity Market Stabilisation Facility – Phase 2

The sum of ₦12.64 billion was also released to Distribution Companies (DisCos) under the Nigeria Electricity Market Stabilisation Facility – Phase 2 (NEMSF-2). The cumulative disbursement under the NEMSF-2 thus stood at ₦232.93 billion. Both interventions were designed to improve access to capital and ease the development of enabling infrastructure in the Nigeria Electricity Supply Industry.

TAGGED: anchor borrowers programme, cbn interventions, central bank of nigeria
Enyi Ominyi March 22, 2022
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