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    Friday, September 27, 2019

    CBN’s Commercial Agricultural Credit Scheme Yields 1.1million Jobs In Agricultural Value Chain

    The Central Bank of Nigeria (CBN) through the Commercial Agricultural Credit Sheme has created A total of 1,132,260 million jobs in the various agricultural value chains.Mr Isaac Okorafor, Director, corporate communications department of the apex bank, who made the disclosure yesterday in Abuja, said capacity utilisation of the agro allied companies have also been created.

    The jobs were created through the bank’s Commercial Agricultural Credit Scheme that commenced in 2009 to fast-track the development of the agricultural sector. The scheme provides credit facilities to commercial agricultural enterprises at a single digit interest rate.

    Okorafor also said that 1,140,854 farmers have participated in the CBN’s Anchor Borrowers Programme (ABP) in the production of 17 different agricultural products. He made the remarks at CBN’s ‘special day’ at the ongoing Abuja International Trade Fair yesterday.

    Represented by the deputy director in the communications department of the Bank, Mrs. Veronica Aqua, who is also and head of Public Relations Division, CBN, he said the figure was compiled since the inception of the project in 2015 to June 2019.

    According to the report, Okorafor disclosed that 255 private and 14 state governments have so far participated in the agricultural intervention scheme – ABP as at June of 2019.

    Okorafor further said that the apex bank was aware of the role of the youth group in the overall development of the economy hence inaugurated Youth Entrepreneurship Development Programme (YEDP) to facilitate an improved access to finance by young people.

    He added that this would help develop their entrepreneurial skills, stimulate job creation through the development of Small and Medium Enterprises among youths to harness entrepreneurial capacity as well as to increase the contribution of the non-oil sector to GDP.According to him, CBN has collaborated with the Bankers Committee to institute the Agric-business Small and Medium Enterprises Scheme (AGSMEIS) to create employment opportunities and boost the managerial capacity of agric-businesses.

    “The CBN and Bankers Committee equally set up the Creative Industry Financing Initiative (CIFI) to improve access to long-term, low-interest financing by entrepreneurs and investors in the industry. “The bank did the same thing in Information Technology sub sectors to boost job creation in the country especially among the youth.

    “CBN has intervened in 29 various programmes targeted at the different stakeholder groups,’’ he said.
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