CBN has spent on agriculture intervention since January: Nigeria

PHOTO

GOVERNOR of the Central Bank of Nigeria (CBN), Godwin Emefiele has hinted that the apex bank has disbursed N12.65billion on the Anchor Borrowers Programme, an agricultural intervention of the Federal Government since January 2023.

The entire amount spent under the ABP since its beginning in 2015, according to Emefiele, is N1.09 trillion. “Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP.

“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland,” Emefiele said.

He said that the CBN had also disbursed huge sums as interventions in various other sectors of the economy. “The CBN also released the sum of N23.70 billion under the N1.0 trillion Real Sector Facility to eight new real sector projects in agriculture, manufacturing, and services.

Related News NISS empowers farmers, extension workers with skills on soil protection, management CBN, ANAACOP launch agro E-Naira digital currency, target 1million farmers Smallholder farmers in North-East Nigeria to receive N6.9m insurance payout claims to supplement yield

“Cumulative disbursements under the Real Sector Facility currently stand at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services, and 13 mining sector projects,” he said.

He stated that the apex financial institution additionally launched N3.01 billion below the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of power distribution companies.

Discos were given power to enhance their liquidity reputation and recover legacy debt, according to him. “This brings the cumulative disbursement under the facility to N254.39 billion,” he said.