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CBN supports farmers with N1 tn to boost growth

TO encourage economic growth, the CBN has boosted its funding and involvement in numerous areas. Godwin Emefiele, the Governor of the Central Bank of Nigeria, stated this on Tuesday in Abuja while presenting a statement published at the conclusion of the bank’s Monetary Policy Committee meeting.

He explained that the intervention plans aimed to boost àa in agriculture, manufacturing and industry, energy and infrastructure, healthcare, exports, and Micro, Small, and Medium Enterprises.

“Between April and May, the apex bank released N57.91 billion under the Anchor Borrowers’ Programme to 185,972 new projects for the cultivation of rice, wheat, and maize.

“This brings the cumulative disbursement under the programme to N1.01 trillion, disbursed to more than 4.2 million smallholder farmers cultivating 21 commodities across the country.

“The CBN also disbursed N1.50 billion under the Accelerated Agriculture Development Scheme to a new youth-led project, piloted and funded through the Government of Ondo State.

“This is for the acquisition of assets for oil-palm cultivation and the establishment of poultry farms.

“This brings the total disbursement under the scheme to N21.23 billion for 10 state-led and three private sector-led projects,’’ he said.

Under the Commercial Agriculture Credit Scheme, according to Emefiele, the bank also released N21.73 billion to finance seven large-scale agricultural projects.

He went on to say that the monies were utilized to build a ranch and a milk processing plant, as well as purchase feed and medication for cattle and dairy production.

“The funds also went into the construction of a 300 metric-tonne per day oil mill in Gusau, Zamfara and the acquisition and installation of an agrochemical factory.

“This brings the cumulative disbursement under this scheme to N741.05 billion for 674 projects in agro-production and agro-processing,’’ he said.

The CBN also disbursed N436.85 billion to 34 new manufacturing projects under the “N1 trillion Real Sector Support Facility.”

“This was used according to the governor for both new and expansion projects under the COVID-19 Intervention for the Manufacturing Sector and the Real Sector Support Facility from Differentiated Cash Reserve Requirement (RSSF-DCRR).

“Cumulative disbursement under the RSSF for the financing of 402 real sector projects currently stands at N2.10 trillion,’’ he said.

Emefiele also mentioned the CBN’s 100 for 100 Policy on Production and Productivity, which saw N55.34 billion distributed to 44 projects, including 24 in manufacturing, 17 in agricultural, two in healthcare, as well as one in the services sector.”

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