How CBN lifts Nigeria’s economy through N4.4trn intervention funds
As part of its ongoing efforts in ensuring that the Nigeria economy is diversified away from oil, the Central Bank of Nigeria (CBN) has disbursed a cumulative total of N4.4 trillion in intervention funds to the private sector as of July 2022.
The figure, which is contained and extracted from the official statement of the Monetary Policy Communique of the apex bank , indicated that the Anchor Borrowers’ Programme (ABP) of the CBN has received a cumulative of N1.01 trillion, to over 4.21 million smallholder farmers cultivating 21 commodities across the country.
Also, under the Commercial Agriculture Credit Scheme, the CBN has disbursed a cumulative of N744.32 billion for 678 projects in agro-production and agro-processing, while the Real Sector Support under the Real Sector Facility for Manufacturers currently stands at N2.183 trillion for the financing of 414 real sector projects across the country.
The funds were utilized for both greenfield and brownfield projects under the COVID-19 Intervention for the Manufacturing Sector (CIMS) and the Real Sector Support Facility from Differentiated Cash Reserve Requirement (RSSF-DCRR).
Meanwhile, the cumulative disbursements under the intervention are about N68.13 billion for 48 projects, comprising twenty-six (26) in manufacturing, seventeen (17) in agriculture, three (3) in healthcare and two (2) in the services sector.
The Healthcare Sector received cumulative disbursements of N133.42 billion for 129 projects, comprising seventy-six (76) hospitals, thirty-two (32) pharmaceuticals, and twenty-one (21) other healthcare services.
As for the power sector, a cumulative disbursement under the NEMSF-2 currently stands at N254.46 billion. The money was given to Distribution Companies (DisCos) for their Operational Expenditure (OpEx) and Capital Expenditure (CapEx), under the Nigeria Electricity Market Stabilization Facility – Phase 2 (NEMSF-2).
A further N47.82 billion has been disbursed under the National Mass Metering Programme (NMMP), for the procurement and installation of 865,956 meters across the country.
