The Central Bank of Nigeria (CBN), has announced the release of N756.51 billion to 3,734,938 smallholder farmers who cultivate 4.6 million hectares of land to support the Federal Government’s food security initiative.
The CBN Governor, Mr Godwin Emefiele, stated this while issuing a communiqué following the bank’s 280th Monetary Policy Committee (MPC) meeting, which was held recently.
“For the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs),
“The sum of N121.57 billion was disbursed to 32,617 beneficiaries, he said.
Emefiele also revealed that the apex bank spent a lot of money on its youth investment scheme, which aims to empower Nigerian youths and eliminate unemployment by investing in the creative sector and IT.
Under the National Youth Investment Fund (NYIF), the Bank released N3.0 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs.
“Under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 3565 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals,’’ he explained.
The Governor of the Central Bank of Nigeria also revealed that the apex bank had invested close to N1 trillion in the real sector of the economy, covering 251 projects.
He added that the bank’s intervention included health-care initiatives as well as electricity distribution.
“The Bank released N923.41 billion to 251 real sector projects under the N1.0 trillion Real Sector Facility, of which 87 were in light manufacturing, 40 in agro-based industry, 32 in services, and 11 in mining.
“Of the N100 billion allocated to the Healthcare Sector Intervention Facility (HSIF), N98.41 billion was spent on 103 health-care projects, including 26 medicines and 77 hospital services.
“Similarly, the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) disbursed N232.54 million to five beneficiaries for the development of COVID-19 and Lassa Fever testing kits and devices.
“N36.04 billion was disbursed to 17 Meter Asset Providers to nine Distribution Companies (DisCos) for the procurement and installation of 657,562 electricity meters under the National Mass Metering Programme (NMMP),” Emefiele said.