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Diversification of Economy: CBN disburses N174.58bn to 19 financial institutions

DETERMINED to improve the diversification of the nation’s economy, the Central Bank of Nigeria (CBN) has said it has disbursed over N174.48billion through 19 participating financial institutions to finance 902,518 farmers in Nigeria.

Making this known as the Central Bank governor, Professor Godwin Emefiele during the CBN’s special day at the 30th Enugu International Trade Fair, Enugu.
Professor Emefiele also disclosed that the Bank also disbursed about N183.09billion to stabilise the generation of more than 1,200mw in both hydro and thermal plants overhaul of Jebba Hydro and Shiroro as well as Kaiji Dams.

Emefiele who was represented by the Director, Corporate Communications Department of Central Bank, Isaac Okorafor, commended the choice of the theme of Enugu trade fair; “Promoting and Enhancing Value Addition in the Oil and Non-Oil sector of the economy for robust economic growth and development”, stating that Central Bank has sustained its intervention in other critical sectors particularly in Agriculture, Power, Aviation, Health and many others.

“It is with a great sense of gratitude and honour that I welcome you all to the CBN special day at the ongoing 30th Enugu international trade fair with the theme; ” promoting and enhancing value addition in the oil and non-oil sector of the economy for robust economic growth and development.”

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“The bank finds the aforementioned theme very fitting as it elaborately captured the effort of the Central Bank of Nigeria toward diversification of the economy against the current overdependence on the oil sector. As part of its developmental functions, the bank has sustained its intervention in other critical sectors particularly in Agriculture, power, Aviation, Health, etc; aimed at triggering robust economic growth and development of the country.

“These interventions which have contributed significantly in driving Nigeria’s economic growth and development include, but not limited to the following: Anchor borrowers programme; This scheme was launched in 2015 and has recorded tremendous success not only in terms of reduction in the nation’s food import bills, conservation of foreign exchange and boosting the income levels/financial capacity of the local farmers.

“A cumulative of N174,48billion had been disbursed through 19 participating financial institutions to finance 902,518 farmers working with 194 anchor companies. The ABP had also created 2,807,775 and 8,423,325 direct and indirect jobs, respectively” Emefiele stated.

Okorafor assured that the bank under the leadership of Governor Emefiele would not rest on its oars until Nigeria gets to its destination of robust economic growth and development.

He disclosed that the bank in its effort to deliver credible, reliable and efficient payment system as a key driver to any robust economic growth and development, created the payment system management department to drive effective banking system.

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