CBN pumps N44 billion into new borrowers' programme

macfranc007 November 12, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Nnenna Ibeh

- The Central Bank of Nigeria has committed N44.1 billion into its borrowers' programm

- The bank said the funds will be channeled through 13 participating financial institutions

- The CBN also said two million jobs will be created from the programme that will engage over 300,00 farmers

The Central Bank of Nigeria (CBN) has pumped in N44.1 billion into the Anchor Borrowers' Programme in Nigeria.

The apex bank through 13 financial institutions committed the sum of N44.1 billion into the borrowers' scheme.

Speaking at the 2017 Lagos International Trade Fair, the spokesperson for the CBN, Isaac Okoroafor said two million jobs will be created while over 300,000 farmers will be mobilised in the programme.

Okoroafor while listing various CBN's intervention programme that have positively impacted Nigeria's economy said most of these scheme have also created jobs for the unemployed.

These programmes include: Agricultural Credit Guarantee Scheme Fund (ACGSF), which has created a total of 5,045,900 jobs; N200 billion Commercial Agricultural Credit Scheme (CACS), created 1,134,772 jobs; N200 billion Small and Medium Enterprises (SME) Restructuring and Refinancing Facility (SMERRF) which created 89,860 jobs; N300 billion Power and Airline Intervention Fund (PAIF) for 7,899 direct jobs and 14,304 indirect jobs; the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) created 139,156 jobs.

Others include Textile Sector Intervention Facility (TSIF) which has created 1,668 jobs; Nigeria Electricity Market Stabilisation Fund (NEMSF) with 1,180MW Capacity Recovery by Generating Companies (GENCOS) and over 414,000 units of meters procured; and Anchor Borrowers’ Programme (ABP) created 653,250 direct jobs.

The CBN spokesperson noted that a total of N44.1 billion was released through 13 participating financial institutions with the farmers cultivating over 234,581 hectares of farmland across 29 states in Nigeria.

Okoroafor said the apex bank in collaboration with the ministry of agriculture and rural development targets 500,00 participants in ABP by the end of 2017.

He said the bank plans to create at least 10,000 jobs in each state of the federation in the pilot stage of the programme.

“Currently we are working with the Rice Farmers Association of Nigeria (RIFAN) to mobilise 300,000 rice farmers who would add two million tons of rice to the national output in one year," Okoroafor said.

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NAIJ.com earlier reported that the CBN alleged that cyber criminals had cloned its website.

The apex bank also said the suspected criminals were aimed at defrauding unsuspecting public planning to access some of its intervention programmes on its website.

The bank further maintained that it does not charge any fee from those desirous of accessing funds from its programmes.

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