N1.5 Trillion Disbursed to Nigerian Farmers, says Emefiele |The Source

By Uche Mbah

In recent times, the Central Bank of Nigeria (CBN) has disbursed N1.487 trillion to pursue its numerous agricultural programs aimed at boosting food security in the country.

According to the CBN Governor, Godwin Emefiele, the apex bank disbursed N107.60 billion to 548,109 farmers cultivating 703,619 hectares of land between the fourth quarter of 2020 and the first quarter of 2021 to boost dry season output.

Emefiele disclosed this in a communiqué on the Monetary Policy Committee (MPC) meeting Monday and Tuesday, which took place in Abuja.

“Total disbursements as at end-February 2021 amounted to N1.487 trillion under the various agricultural programs, of which N686.59 billion was disbursed under the Commercial Agricultural Credit Scheme (CACS)”, he said.

“The bank also disbursed N601.75 billion under the Anchor Borrowers Program (ABP) to 3,038,649 farmers to support food supply and dampen inflationary pressures.

“Under the Targeted Credit Facility, the bank has disbursed N218.16 billion to 475,376 beneficiaries, of which 34 percent of beneficiaries are SMEs.

“Under the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), N111.62 billion has been disbursed to 28,961 beneficiaries, 70 percent of which are in the agricultural sector.’’

The CBN has invested in youth development through the creative industry-both music and the pretending runway. They have also invested in efforts to boost electricity supply and health.

“Under the Creative Industry Financing Initiatives mainly targeted at youth, N3.19 billion has been disbursed to 341 beneficiaries, of which 53 percent is to the movie industry.

“Under the National Mass Metering Programme, N33.45 billion has been disbursed to nine distribution companies for the procurement of 605,852 meters.

“N89.89 billion has been disbursed under the Nigeria Electricity Market Stabilisation Facility (NEMSF 2) to 11 distribution companies to improve the electricity supply industry in Nigeria.

“Under the N100 billion Health Care Intervention Fund; the bank has disbursed N94.34 billion and is willing to expand the facility, to 85 projects in the pharmaceutical industry.