BY FESTUS OKOROMADU
The Central Bank of Nigeria said it disbursed a total of N2.332 trillion as part of its intervention grants for the sustenance of critical sectors of the nation’s economy in 2022.
The apex bank added that the decision to intervene was to provide affordable and accessible credit to ensure economic recovery.
The CBN disclosed this in its 2021 annual report released at the weekend.
Speaking to the developmental activities it carried out during the year, the report said, “The Bank sustained its interventions in the critical sectors of the economy to deliver affordable and accessible credit to businesses and households for economic recovery.”
A breakdown of the sectoral distribution and the amount disbursed showed that the industrial sector got the largest share with N854.20 billion representing 36.63 percent.
Areas covered under the intervention scheme included the COVID-19 intervention facility for the manufacturing sector, textile sector intervention facility, power and airline intervention fund as well as using the differential cash ratio scheme.
The following was the energy/infrastructure allocated N681.29 billion or 29.22 percent with the Nigeria Bulk Electricity Trading under the Payment Assurance Facility scheming gulping N407.12 billion or 17.46 percent, while the National Mass Metering Programme received N47.61 billion representing a 2.04 percent.
The agriculture sector was granted N435.403 billion representing 18.67 percent.
The apex bank said that existing programmes like the Anchor Borrowers Programme, the N200 billion Commercial Agriculture Credit Scheme, Paddy Aggregation Scheme, Maize Aggregation Scheme and Agriculture Credit Guarantee Scheme got varied degrees of allotment.
The sum of N324.63 billion representing 13.92 percent of the amount granted during the year went to Micro-Small and Medium Enterprises.
The schemes covered under this segment include Micro, Small and Medium Enterprises Development Fund, Targeted Credit Facility, Nigeria Youth Investment Fund and Creative Industry Financing Initiative.
Operators in the health sector of the economy also got the sum of N36.253 billion as intervention. Under the Healthcare Research and Development Intervention Scheme, the sum of N233 million was disbursed to five applicants while 45 projects were granted N36.02 billion during the year.
According to the CBN annual report, three new intervention schemes were introduced during the year, namely: the Tertiary Institutions Entrepreneurship Scheme, 100 for 100 Policy on Production and Productivity, and the Nigerian Brown Revolution.
The TIES was introduced in November 2021 and targeted at entrepreneurship development among graduates of universities and polytechnics.
The scheme aims to provide an innovative financing model that would boost job creation, enhance entrepreneurship development, and support economic growth. Furthermore, TIES would foster the creation and acceleration of a culture of innovation-driven entrepreneurship skills among Nigerian youths.
The sum of N29.13 million was disbursed to six maiden beneficiaries at the official launch of the Scheme.
The 100 for 100 PPP was introduced in November 2021 to stimulate investments in the manufacturing sector.
Under this Initiative, the CBN on a quarterly basis selects 100 private companies with potential to significantly increase domestic production and productivity.
The policy is to boost non-oil exports, reduce imports, and improve foreign exchange earnings.
The Nigerian Brown Revolution, a scheme under the Anchor Borrowers’ Programme, was designed to boost production and reduce import of wheat by 60.0 per cent, thus, conserving about $2.0 billion import bill annually.
The Scheme targets at least 150,000 farmers in 15 states for the cultivation of at least 180,000 hectares of land.
The sum of N41.2 billion had been disbursed since the inception of the Scheme meant to facilitate the procurement of 13,000 metric tonnes of improved and heat-tolerant wheat seeds for local farmers.
