Intervention Fund: CBN disburses N4.8 trillion  to boost private sector

BY EMEKA EJERE

The Central Bank of Nigeria (CBN) disbursed a cumulative total of N4.81 trillion in intervention funds to the private sector of the Nigerian economy as of November 2022, a 6.9% increase from N4.5 trillion two months earlier.

This is according to data compiled from official statements contained in the monetary policy communique of the apex bank.

According to the update, the CBN provided in the MPC communiqué, between September and October 2022, under the Anchor Borrowers’ Programme (ABP), the Bank disbursed N41.02 billion to several agricultural projects.

The cumulative disbursement under the Programme amounted to N1.07 trillion to over 4.6 million smallholder farmers cultivating 21 commodities across the country.

The Bank also disbursed N300 billion to finance large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS), bringing the cumulative disbursement to N745.31 billion.

The CBN released the sum of N48.30 billion under the N1 trillion Real Sector Facility to seven new real sector projects in agriculture, manufacturing, and services. Cumulative disbursement under this Facility stood at N2.15 trillion to 437 projects across the country as at November 2022.

The breakdown of the disbursement in the Real Sector Facility includes projects in manufacturing (240), agriculture (91), services (93) and mining sector (13).

Under the 100 for 100 Policy on Production and Productivity (PPP), the Bank disbursed the sum of N20.78 billion to nine (9) projects in healthcare, manufacturing, and services, amounting to a cumulative disbursement of N114.17 billion across 71 projects.

A sum of N4 billion was disbursed under the Intervention Facility for the National Gas Expansion Programme (IFNGEP) to promote the adoption of compressed natural gas (CNG) for transportation and liquefied petroleum gas (LPG) for cooking.
Others

Under the healthcare sector, the Bank disbursed N5.02 billion to four (4) healthcare projects under the Healthcare Sector Intervention Facility (HSIF), bringing the cumulative disbursement to N135.56 billion for 135 projects in pharmaceuticals (33), hospitals (60) and other services (42).

The CBN disbursed N1.33 billion under the Agribusiness/Small and Medium Enterprise Investment Scheme (AgSMEIS). With this, cumulative disbursement rose to N150.22 billion.

Under the Micro, Small, and Medium Enterprise Development Fund (MSMEDF), the apex bank disbursed N10 billion between September and October 2022, bringing the cumulative disbursement to N96.08 billion.

Under Export Facilitation Initiative (EFI), the Bank provided support for export-oriented projects to the tune of N5.34 billion, pushing the cumulative disbursement under this intervention to N44.58 billion within the period under review.