The CBN, Director, Corporate Communications
Department, Osita Nwanisobi, who disclosed this on Sunday, during “CBN Special
Day” at the ongoing 33rd Enugu International Trade Fair, also noted that N948
billion was disbursed to 4,478,381 smallholder farmers under the Anchor
Borrowers’ Programme.
Nwanidobi stated that the programme was
yielding the desired objective as the beneficiary farmers cultivated 5.2
million hectares of farmland, creating 12.6 million direct and indirect jobs
across the country.
Reeling out other interventions the apex
bank had taken to revive the economy and create access to credit, he said CBN
had extended the interest rate of 5% across all its intervention loans to
March, 2023.
He said “the recently launched Tertiary
Institutions Entrepreneurship Scheme (TIES) is an innovative financing model
that will create jobs, enhance the entrepreneurial ecosystem and support
economic growth and development through Agribusiness, Creative Industry,
Science & Technology and Information Technology/software development.
“The broad objective of the 100 for 100
Policy on Production and Productivity (PPP) is to boost production and
productivity, necessary to transform and jumpstart the productive base of the
Nigerian economy.
“It is also expected that the Initiative
will reverse the nation’s over-reliance on imports, by creating an ecosystem
that targets and supports the right companies and projects with potentials to
immediately transform Nigeria’s productive base at every 100 days.
The Bank has so far disbursed the sum of N29.51
billion to 31 projects, comprising 16 in manufacturing, 13 in agriculture, and
2 in healthcare sector. The RT200 FX Programme, which stands for the “Race to
US$200 billion in FX Repatriation was recently announced by the CBN in
consultation with the Bankers’ Committee.”
He added, “under our Targeted Credit
Facility (TCF), which was meant to cushion the severe effects of Covid-19
pandemic, we have disbursed N368.79 billion to 778,000 beneficiaries comprising
648,052 households and about 130,000 SMEs.
“The Bank also recently disbursed $8.50
billion to 6 healthcare projects under the Healthcare Sector Intervention
Facility (HSIF), bringing the cumulative disbursements to N116.72 billion for
124 projects, comprising 31 pharmaceuticals, 56 hospitals, and 37 other
health-related services.
As part of the effort to further support
the resilience of the healthcare sector, an additional tranche of N14.7 million
was disbursed to five Researchers under the Healthcare Sector Research and
Development (HSRD) Grant.”
Nwanisobi, however, noted that the theme of
the fair, “Opening up Nigeria Business Windows for
Competitiveness in the Emerging Global
Market”, could not have come at a better time than now when the world economy
is gradually opening up to businesses after the global lockdown that affected
economies, leading to recessions.
While commending the leadership of the
Enugu Chamber of Commerce, Industry, Mines and Agriculture for her efforts in
organising this year’s Trade Fair, he said CBN was delighted that they are
driving pragmatic conversations on reshaping the Nigerian economy through the
Fair.
“This perfectly fits into the Bank’s drive
towards diversification of the nation’s economic base and encouraging the
export of non-oil commodities.
It also underscores the CBN Governor’s
clarion call on Nigerians to not only focus on the production of commodities in
which they have comparative advantage but to produce, add value and export so
as to grow Nigeria’s economy and create jobs.”
Earlier in address, the President of
ECCIMA, Jasper Nduagwuike, commended CBN for its interventions in various
sectors of the economy, adding that it had more than proved its commitment to
seeing to the welfare and wellbeing of the Nigerian economy.
“The CBN can raise its shoulders in pride
for the uncommon contributions it has made to not only the economy but the day
to day life of the ordinary man.”