Statistics reveal that the programme has so far financed over 3.1 million farmers to the tune of over N492 billion for the cultivation of 3,801,397 hectares across 21 commodities through 23 Participating Financial Institutions in the 36 states of the Federation and the Federal Capital Territory .
Other policies which the CBN introduced under Emefiele to empower the people and stimulate the economy include, the Youth Entrepreneurship Development Programme , Accelerated Agricultural Development Scheme , the Agri-business/Small and Medium Enterprises Investment Scheme , the National Collateral Registry and lately the Creative Industry Financing Initiative , which is a collaboration between the CBN and the Bankers‘ Committee.
“We recently introduced the Real Sector Support fund; a facility meant to provide cheap funding at no more than nine percent interest rate to new projects in the agriculture and manufacturing sectors. The aim is to boost output and create jobs.” A public policy analyst, Mr Innocent Onyeabuchi, said the Anchor Borrowers’ Programme of the apex bank revolutionized rice production, as it currently has over three million farmers enrolled, with over 10 million jobs created .
“By this, the CBN is promoting the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending . The Bankers’ Committee and NIPOST agreed to establish the national microfinance bank in 774 local government areas of the country to make cheap and sustainable credit at single digit interest rate available to the economic active but poor rural dwellers, particularly the farmers and petty businesses,” he said.
Footprints of disappearing Naira.
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