CBN Disburses N856.3bn Under Its Real Sector Intervention, Says Emefiele


    The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said that under its N1trillion Real Sector Intervention Fund, N856.3 billion has been disbursed for 233 real sector projects.

    According to him, 77 are in light manufacturing, 36 in agro-based industry, 30 in services and 11 in mining.

    Speaking in Abuja on Tuesday, he noted that the apex bank aimed to drive investment in key sectors of the nation, urging commercial banks to continue putting in place measures that will boost export earnings.

    The apex bank governor at the end of the Monetary Policy Committee (MPC) meeting, stated: “In the Committee’s view, such measures should include boosting consumption and investments, as well as diversifying the base of the economy through FX restrictions for the importation of goods and food products that can be produced in Nigeria.

    “On consumption and investment, MPC noted that the intervention facilities under the Anchor Borrowers was N631.4 billion granted to 3,107,949 small holder farmers cultivating 3.8 million of land hectares; for the AGSMEIS, N111.7 billion to 29,026 beneficiaries; and for the Targeted Credit Facility, N253.4 billion to 548,345 beneficiaries – comprising 470,969 households and 77,376 SMEs.

    “Notwithstanding that all these have helped in boosting output, the Bank should continue to aggressively increase its interventions in these subsectors, including agricultural processing and manufacturing.

    “Under the National Youth Investment Fund, N2.04 billion was disbursed to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 were SMEs.

    “Under the Creative Industry Financing Initiative, the CBN has disbursed N3.19 billion to 341 beneficiaries across movie production, movie distribution, music and software development.

    “Under the N100 billion Healthcare Support Intervention fund, N97.4 billion has been disbursed for 91 health care projects, of which 26 are pharmaceutical and 65 hospital services.

    “Also, N232.5 million has been disbursed to 5 beneficiaries under the CBN Health Care Grant for Research on Covid-19 and Lassa Fever.

    “Under the National Mass Metering program, N35.9 billion has been disbursed to 9 DisCos for the acquisition of 656,752 electricity meters.

    “Under the Nigerian Electricity Stabilization Facility 2 (NEMSF-2), N93.8 billion has also been disbursed to 11 DisCos.”



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