According to Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), the apex bank disbursed ₦221.19 billion between May and June this year under its various intervention programmes aimed at stimulating growth in the Nigerian economy.
Emefiele stated this after the Monetary Policy Committee (MPC) meeting in Lagos. During the two-day meeting, the MPC reviewed the performance of the bank’s intervention programmes aimed at productivity in agriculture, manufacturing/industries, energy/infrastructure, healthcare, exports, and micro, small, and medium enterprises (MSMEs).
According to him, between May and June 2022, the CBN released ₦3.62 billion as disbursements to 12 projects for the cultivation of rice, wheat, and maize under the Anchor Borrowers’ Programme (ABP), bringing the total disbursement under the Programme to ₦1.01 trillion, to over 4.21 million smallholder farmers cultivating 21 commodities across the country.
Under the Commercial Agriculture Credit Scheme, the CBN also disbursed ₦3.72 billion to finance three large-scale agricultural projects (CACS). These disbursements brought the total amount disbursed under this Scheme to N744.32 billion for 678 agro-production and agro-processing projects.
He stated that the CBN disbursed ₦113.08 billion to 19 new projects under the Real Sector Facility as part of its effort to support the manufacturing sector.
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According to him, the funds were used for greenfield and brownfield projects through the COVID-19 Intervention for the Manufacturing Sector (CIMS) and the Real Sector Support Facility from Differentiated Cash Reserve Requirement (RSSF-DCRR).
According to o him, cumulative disbursements under the Real Sector Facility currently stand at ₦2.183 trillion for the financing of 414 real sector projects across the country. Furthermore, under the 100 for 100 Policy on Production and Productivity, the bank has released ₦9.98 billion for five projects, bringing the cumulative disbursements under the intervention to ₦68.13 billion for 48 projects, comprising 26 in manufacturing, 17 in agriculture, three in healthcare and two in the services sector.
“In the healthcare sector, the bank disbursed ₦4.44 billion to three healthcare projects under the Healthcare Sector Intervention Facility (HSIF), bringing the cumulative disbursements to ₦133.42 billion for 129 projects, comprising 76 hospitals, 32 pharmaceuticals and 21 other healthcare services”.
Emefiele stated that the Central Bank of Nigeria (CBN) released ₦36.00 billion for five projects in domestic production and value addition of cocoa and sesame seeds to improve non-oil foreign currency revenue under the Export Facilitation Initiative (EFI).
CBN also intervened in the power sector to facilitate the deployment of enabling infrastructure as part of efforts to improve electricity supply to lower the overall cost of production in the real sector. Thus, the Nigeria Electricity Market Stabilization Facility – Phase 2 disbursed N2.53 billion to Distribution Companies (DisCos) for their Operational Expenditure (OpEx) and Capital Expenditure (CapEx) (NEMSF-2).
The total amount disbursed under the NEMSF-2 is currently ₦254.46 billion. The Bank disbursed ₦47.82 billion for the procurement and installation of 865,956 metres across the country as part of the National Mass Metering Programme (NMMP).