COVID-19: CBN disburses N253bn to 470 households, 77, 000 SMEs

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COVID-19: CBN disburses N253bn to 470 households, 77, 000 SMEs

The Acting Director Corporate communications Department of the Central Bank of Nigeria (CBN), Mr. Osita Nwanisobi, has said that the bank disbursed N253 billion to 548,345 beneficiaries as part of its responses to the COVID-19 pandemic.

He said the beneficiaries comprised 470,969 households and 77,376 Small and Medium Enterprises (SME’s).

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Speaking at the bank’s special day at the ongoing 42nd Kaduna International Trade Fair yesterday, Mr. Osita said the bank also reduced its interest rate on CBN intervention loans from 9 to 5 percent and initially created a N150 billion Targeted Credit Facility (TCF) for affected households and SME’s through the NIRSAL microfinance Bank.

Represented by the Branch Controller, Kaduna, Ahmed Mohammed Wali, he said the fund has since been increased in order to accommodate more beneficiaries, boost consumer expenditure and positively impact output growth.

He noted that the Anchor Borrowers’ Programme had provided intervention facilities to 3,107,949 small holder farmers cultivating 3.8 million hectares of land while about 29,026 beneficiaries have accessed N111.7 billion under the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS).

He then assured that the CBN will continue to sustain its interventions in the critical sectors of the economy, particularly in Agriculture, Manufacturing, MSMEs, Infrastructure, Creative Industry, Health etc; to stimulate robust economic growth and development of the country.