CBN disburses N1.8trn for developmentt financing

COVID-19: CBN intervention fund inaccessible to medical labs — GMLD
COVID-19: CBN intervention fund inaccessible to medical labs — GMLD

By Elizabeth Adegbesan

The Central Bank of Nigeria, CBN, said it disbursed N1.79 trillion for financing development in nine schemes from January to September 2020.

This is contained in the apex bank’s October 2020 Economic Report released last weekend.

Analysis of the report shows that out of the amount disbursed, N1.19 billion was deployed to 767 projects, N491.2 billion was guaranteed to 2.6 million farmers and N113.3 billion were disbursed to 17,587 beneficiaries during the period.

The nine schemes were Commercial Agriculture Credit Scheme (CACS); Anchor Borrowers’ Programme (ABP), Agricultural Credit Guarantee Scheme Fund (ACGSF), Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), Real Sector Support Facility (RSSF), Power and Airline Intervention Fund (PAIF), Textile Sector Intervention Fund (TSIF), Non-oil Export Stimulation Facility (NESF) and the Health Sector Intervention Facility (HSIF).

The report stated: “The sum of N9.8 billion was released under the CACS to eight deposit money banks (DMBs) for disbursement to twelve projects in September 2020, bringing the cumulative disbursements in respect of 627 projects to N665.4 billion.

“Under the Anchor Borrowers Programme, the sum of N1.9 billion was disbursed to 2,521 farmers to cultivate 8,963 hectares of land through three Participating Financial Institutions (PFIs). The total loan disbursed from inception to end-September 2020 was N490.2 billion to 2,592,730 farmers cultivating 3,097,834 hectares across some commodities, namely; Cassava, Cotton, Fish, Ground nut, Maize, Poultry, Rice, Soya Beans, Wheat, Cattle, Sorghum, Ginger, Castor Seed, Sesame, Tomato, Cocoa, Yellow Pepper, Oil Palm, Cowpea and Onion.

“With regard to the new window for funding through the Differentiated Cash Reserves Requirement (DCRR) option under the Real Sector Support Facility (RSSF), a total of thirty-seven applications valued at N194.6 billion were received by CBN in line with the resolve to channel better, and long-term capital flow to the real sector to encourage local manufacturing, bolster economic recovery and stimulate growth. Thus, from inception to end-September 2020, the sum of N166.2 billion for a total of twenty-five projects had been disbursed under the Scheme.

“Also, disbursement under NESF stood at N43.99 billion released to thirteen obligors, while repayments stood at N11.7 billion from inception to end September 2020.

“Similarly, the bank guaranteed the sum of N1.0 billion to 10,105 farmers under the ACGS in September 2020. This amount represented an increase of 221.8 per cent above the level in August 2020.

“Further analysis indicated that 28 states and the FCT benefited from the scheme with the highest and lowest sums of N404.2 million and N0.8 million guaranteed to farmers in Adamawa and Sokoto States, respectively.

“Also, the bank disbursed the sum of N26.99 billion to 6,372 beneficiaries under AGSMEIS in September 2020, bringing the cumulative disbursement from inception to end-September 2020 to N66.2 billion in favour of 17,541 beneficiaries.

“The sum of N52.0 billion had been disbursed in favour of forty-one projects from inception to end-September 2020 under the TSIF.

“N3.0 billion was disbursed to Inez Global Ltd in the Power Sector in September 2020 under the PAIF. Thus, the cumulative disbursement from inception to end-September 2020 stood at N311.2 billion to seventy-four projects comprising fifty power projects valued at N190.4 billion, and twenty-four airline projects valued at N120.8 billion.”

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