CBN disburses N948bn to farmers; N368.79bn to households, SMEs

CBN disburses N948bn to farmers; N368.79bn to households, SMEs — Director

CBN Loan News

The Central Bank of Nigeria (CBN) disbursed N948 billion to small farmers and N368.79 billion to more than 778,000 beneficiaries, including 648,052 households and some 130,000 small and medium-sized enterprises (SMEs).

This was revealed on the special day of the 43rd Kaduna International Trade Fair by Osita Nwanisobi, Director of Corporate Communications at Apex Bank.

According to Nwanisobi, “a total of 4,478,381 smallholder farmers worked 5.2 million across the country. hectares of arable land and created 12.5 million. received N948 billion in direct and indirect employment.

“The recently launched High School Entrepreneurship Program (TIES) is expected to unleash the potential of Nigerian graduate entrepreneurs by providing reorientation, training and an innovative funding model that will strengthen the entrepreneurial ecosystem and have a transformative impact on the economy.

“The broad 100-for-100 policy of Production and Productivity (PPP) aims to increase the production and productivity needed to transform and rapidly launch the productive base of the Nigerian economy.

“The initiative is also expected to reverse the country’s over-reliance on imports, creating an ecosystem that will target and sustain suitable businesses and projects that can immediately restructure and start a productive economic base.

“Around $ 23.20 billion has been disbursed to promote financial inclusion. reduce the cost of processing cash and enable citizens to pay direct social benefits.

“The ongoing modernization of our payment system and the growing number of fintech solutions that offer consumers new opportunities are giving confidence to the introduction of the Central Bank of Nigeria’s Digital Currency (CBDC), eNaira. central bank money ’.

“Let me reassure you that the Central Bank of Nigeria, headed by Mr Godwin Emefiele, will continue to be a people-centered central bank that builds confidence in the economy and improves living standards,” he said.