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HomeBUSINESSCBN disburses N1.8trn for development financing
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CBN disburses N1.8trn for development financing

The Central Bank of Nigeria, CBN, said it disbursed N1.79 trillion for financing development in nine schemes from January to September 2020.

This is contained in the apex bank’s October 2020 Economic Report released last weekend.

Analysis of the report shows that out of the amount disbursed, N1.19 billion was deployed to 767 projects, N491.2 billion was guaranteed to 2.6 million farmers and N113.3 billion were disbursed to 17,587 beneficiaries during the period.

The nine schemes were Commercial Agriculture Credit Scheme (CACS); Anchor Borrowers’ Programme (ABP), Agricultural Credit Guarantee Scheme Fund (ACGSF), Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), Real Sector Support Facility (RSSF), Power and Airline Intervention Fund (PAIF), Textile Sector Intervention Fund (TSIF), Non-oil Export Stimulation Facility (NESF) and the Health Sector Intervention Facility (HSIF).

The report stated: “The sum of N9.8 billion was released under the CACS to eight deposit money banks (DMBs) for disbursement to twelve projects in September 2020, bringing the cumulative disbursements in respect of 627 projects to N665.4 billion.

“Under the Anchor Borrowers Programme, the sum of N1.9 billion was disbursed to 2,521 farmers to cultivate 8,963 hectares of land through three Participating Financial Institutions (PFIs). The total loan disbursed from inception to end-September 2020 was N490.2 billion to 2,592,730 farmers cultivating 3,097,834 hectares across some commodities, namely; Cassava, Cotton, Fish, Ground nut, Maize, Poultry, Rice, Soya Beans, Wheat, Cattle, Sorghum, Ginger, Castor Seed, Sesame, Tomato, Cocoa, Yellow Pepper, Oil Palm, Cowpea and Onion.

-Vanguard

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