How CBN’ll Spend N2.02tr To Boost Economy, By Emefiele | Independent Newspapers Limited
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How CBN’ll Spend N2.02tr To Boost Economy, By Emefiele

Posted: Sep 28, 2015 at 7:50 pm   /   by   /   comments (0)

The Central Bank of Nigeria (CBN) has said the apex bank has set aside an intervention fund totaling N2.02 trillion reserved for business operators in the various sectors of the Nigerian economy.

The CBN Governor, Godwin Emefiele, who was represented by the bank’s Acting Director, Development Finance, Dr. Olaitan Adeola, disclosed this at a stakeholders’ forum in Lagos. The forum was organised by African Management Services Company (AMSCO).

Emefiele stated that the bank has instituted policy instruments such as schemes, guarantees, establishment of development finance institutions and capacity building to intervene in the Nigerian economy for growth in its various sectors.

The governor noted that the apex bank’s commitment under each instrument runs into billions of Naira with schemes such as Commercial Agricultural Credit Schemes amounting to N200 billion, Power and Aviation Intervention Fund accounting for N300 billion, Micro Small Medium Enterprise Development Fund accounting for N220 billion, Real Sector Support Facility accounting for N300 billion, and Nigeria Electricity Market Stabilisation Facility accounting for N213 billion.

He added that other funds set aside for businesses to access include the multi-pronged financing under Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), which included risk sharing, insurance and technical assistance facilities as well as holistic bank rating and bank incentives mechanisms, which amounts to N75 billion; and the N203 billion guarantee funds under the Agricultural Credit Guarantee Scheme Fund (ACGSF).

Emefiele also stated that the amount included the N203 billion under the Small Medium Enterprise Credit Guarantee Scheme.