Central Bank of Nigeria, CBN, said it has so far set aside the sum of N2.02 trillion as intervention funds for operators in the various sectors of the Nigerian economy to access.
CBN Governor, Mr. Godwin Emefiele, who was represented by the bank’s Ag Director, Development Finance, Dr. Olaitan Adeola, disclosed this at a stakeholders’ forum titled: “Accelerating Enterprise competitiveness and growth in Nigeria: Building capacity for sustainable development’ in Lagos. The forum was organised by African Management Services Company, AMSCO.
He said that from the past administration to date, policy instruments such as schemes, guarantees, rebates, establishment of development finance institutions, DFIs, and capacity building have been used to intervene in the nation’s economy.
Emefiele noted that CBN’s commitment under each instrument type runs into billions of Naira under various schemes such as Commercial Agricultural Credit Schemes, CACs which amounts to N200 billion, Power and Aviation Intervention Fund, PAIF, N300 billion, Micro Small Medium Enterprise Development Fund, MSMEDF, N220 billion, Real Sector Support Facility, RSSF N300 billion and Nigeria Electricity Market Stabilisation Facility, NEMSF N213 billion through revolving credit facilities totaling N1.233 trillion.
He said other Funds set aside for operators to access include multi-pronged financing under NISRAL, which included risk sharing, insurance and technical assistance facilities as well as holistic bank rating and bank incentives mechanisms, which amounts to N75 billion.
The N203 billion guarantee funds under the Agricultural Credit Guarantee Scheme Fund, ACGSF.
Credit:today.ng
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