CBN to inject additional N100 Billion for COVID-19 Targeted Credit Facility Loan - Emefiele

The CBN Governor, Godwin Emefiele has announced that additional N100 Billion is considered to be injected into the COVID-19 Targeted Credit Facility to stimulate economic growth.

This is contained in a Central Bank of Nigeria Communique No.136 of the Monetary Policy Committe Meeting held on Monday 24th and Tuesday 25th May, 2021

The COVID-19 TCF had earlier recieved a recent boost of N150 Billion summing up to N300 Billion made available for the Loan Scheme.

Related: COVID-19 TCF Loan: More approval assured as CBN doubles funding

MPC in the meeting noted that currently, N253.4 billion has been disbursed to 548,345 beneficiaries - comprising 470,969 households and 77,376 SMEs.

It furthered that the apex bank has disbursed N111.7 billion to 29,026 beneficiaries under the AGSMEIS Scheme.

Enumerating several impacts made by the apex bank to ensure economic growth in Nigeria, Emefiele noted that the intervention facilities under the Anchor Borrowers was N631.4 billion disbursed to 3,107,949 small holder farmers cultivating 3.8 million of land hectares.

"Under the National Youth Investment Fund, N2.04 billion was disbursed to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 were SMEs. 

"Under the Creative Industry Financing Initiative, the CBN has disbursed N3.19 billion to 341 beneficiaries across movie production, movie distribution, music and software development. 

"Under the N1 trillion Real Sector Intervention, N856.3 billion had been disbursed for 233 real sector projects, of which 77 are in light manufacturing, 36 in agro-based industry, 30 in services and 11 in mining. 

"Under the N100 billion Healthcare Support Intervention fund, N97.4 billion has been disbursed for 91 health care projects, of which 26 are pharmaceutical and 65 hospital services. 

"Also, N232.5 million has been disbursed to 5 beneficiaries under the CBN Health Care Grant for Research on Covid-19 and Lassa Fever. 

"Under the National Mass Metering program, N35.9billion has been disbursed to 9 DisCos for the acquisition of 656,752 electricity meters. Under the Nigerian Electricity Stabilization Facility 2 (NEMSF-2), N93.8 billion has also been disbursed to 11 DisCos", Emefiele noted.