COVID-19 TCF: CBN disburses N253 billion to 548,345 Household and SME beneficiaries

The Central Bank of Nigeria has disbursed N253 billion to 548,345 Household and SME beneficiaries as part of its response to the COVID-19 pandemic.

The CBN acting Director of Corporate Communications, Osita Nwanisobi,  disclosed this, Thursday, at the bank’s special day at the ongoing 42nd Kaduna International Trade Fair.

Nwanisobi noted that the beneficiaries consist of 470,969 households and 77,376 Small and Medium Enterprises

As contained in The Punch, CBN noted that it has reduced its interest rate on CBN intervention loans from 9% to 5% to encourage more lending, and initially created a N150 billion Targeted Credit Facility (TCF) for affected households and SME’s through the NIRSAL microfinance Bank.

"About 29,026 beneficiaries have accessed N111.7 billion under the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS).

"Under the National Youth Investment Fund, 7,057 beneficiaries comprising 4,411 individuals and 2,646 SMEs have so far accessed the scheme. The Creativity Industry Financing Initiative (CIFI) has also provided loan facilities for 341 beneficiaries across movie production, movie distribution, music and software development.” 

“The Anchor Borrowers Programme was able to provide intervention facilities to 3,107,949 small holder farmers who cultivated 3.8 million hectares of land," Nwanisobi stated.

Nwanibosi enjoined Nigerian Youths and Women to take advantage of the CBN Intervention Schemes to better their lives. 

“We, therefore, enjoin Nigerians, particularly women and youths, to cue into our bouquet of intervention programmes and take advantage of schemes such as the ABP; Targeted Credit Facility (TCF); Commodity Development Initiative (CDI); Creative Industry Financing Initiative (CIFI); Micro Small and Medium Enterprises Development Facility (MSMEDF); and the Agric-business/Small and Medium Enterprises Investment Scheme (AGSMEIS),” he stated.

He further stated that the CBN will continue to sustain its interventions in the critical sectors of the economy, particularly in Agriculture, Manufacturing, MSMEs, Infrastructure, Creative Industry, Health etc; to facilitate strong economic growth and development of the country.