The Central Bank of Nigeria (CBN) has, within the last four years, committed over N3.333 trillion to the nation’s power, agricultural, manufacturing sectors, according to statistics released in Lagos yesterday, by the acting governor of the apex bank, Dr Sarah Alade.
Alade who was speaking at the international conference of African Rural and Agricultural Credit Association (AFRACA) said the funds were overseen under various intervention schemes initiated by the bank towards improving access to finance by farmers and investors in the agro-business, adding that they were in recognition of the fact that access to finance is germane to the rapid development of agriculture value chain and economic growth in the country.
Represented by the Director of Research, Charles Mordi, the acting governor listed the intervention schemes as the Agricultural Credit Guarantee Scheme (ACGS), introduced in 1978, N200 billion Commercial Credit Scheme (CRS), Nigeria Incentive Base Risk Sharing Insurance for Agricultural Lending (NIBRSLAL), the N200 billion Small and Medium Enterprises Credit Guarantee Scheme (SMECGS), the N200 billion SME Restructuring and Refinancing Scheme (SMERRS) as well as N300 billion power NIIP intervention funds.
She said the agricultural credit guarantee fund was introduced in 1978 to encourage lending to agricultural sector, benefitted over 80,000 people.
In view of the critical roles played by power and transportation in the development of agriculture business in Africa, Alade said CBN introduced the energy intervention funds to provide low interest financing to stimulate private sector participation in the sector.
The small and medium enterprises credit guarantee scheme, the acting governor said, was also introduced to provide 80 per cent credit guarantee to manufacturing SME sector in order to fast track development.
Represented by the Director of Research, Charles Mordi, the acting governor listed the intervention schemes as the Agricultural Credit Guarantee Scheme (ACGS), introduced in 1978, N200 billion Commercial Credit Scheme (CRS), Nigeria Incentive Base Risk Sharing Insurance for Agricultural Lending (NIBRSLAL), the N200 billion Small and Medium Enterprises Credit Guarantee Scheme (SMECGS), the N200 billion SME Restructuring and Refinancing Scheme (SMERRS) as well as N300 billion power NIIP intervention funds.
She said the agricultural credit guarantee fund was introduced in 1978 to encourage lending to agricultural sector, benefitted over 80,000 people.
In view of the critical roles played by power and transportation in the development of agriculture business in Africa, Alade said CBN introduced the energy intervention funds to provide low interest financing to stimulate private sector participation in the sector.
The small and medium enterprises credit guarantee scheme, the acting governor said, was also introduced to provide 80 per cent credit guarantee to manufacturing SME sector in order to fast track development.
