CBN disburses N38.11bn loans to 44,458 beneficiaries through NIRSAL

Central Bank of Nigeria says it disbursed a total of N38.11 billion loans to 44,458 beneficiaries through the NIRSAL Microfinance bank, and other participating financial institutions for the youth entrepreneurial development programme, Anchor programme (ABP).

The apex bank in a report said, this was to address the credit needs of the sectors to improving livelihoods, reducing poverty, promote inclusive growth, stimulate the real sector and cushion the impact of the exogenous shocks in the economy.

A breakdown of the intervention schemes showed that under the ABP, N4.92 billion was disbursed in May 2020 to 30,992 farmers to produce sesame, soya bean, cotton and cassava, N28.27 billion was disbursed under the AGSMEIS to 8,208 entrepreneurs in the agro-allied sector of the economy.

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Under the COVID-19 loan, N4.92 billion was released to 5,257 beneficiaries of households and small businesses, comprising N1.33 billion disbursed to 3,376 households and N3.59 billion disbursed to 1,881 small businesses.

Similarly, N1.3 billion was disbursed under the creative industry financing (CIFI) initiative, and the COVID-19 loan intervention schemes.

CIFI intervention scheme to 107 beneficiaries in the fashion, information technology, software development, movie distribution and production sub-sectors.

The pre-existing agricultural intervention schemes such as the Commercial Agricultural Credit Scheme (CACS) and Agricultural Credit Guarantee Scheme (ACGS) were sustained. Under the CACS, ₦8.2 billion was disbursed for two projects from the CACS Repayment Account.

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This brought the cumulative disbursements under the Scheme (from inception in 2009 to date) to ₦645.1 billion for 612 projects.

For the ACGS, ₦209.8 million was disbursed to 2,519 farmers, indicating an increase of 86.9 per cent above the level in the previous month.

A subsectoral analysis showed that food crop obtained the largest share of ₦168.5 million (80.3 per cent) guaranteed to 2,398 beneficiaries, livestock got ₦21.5 million (10.3 per cent) guaranteed to 60 beneficiaries, while cash crop received ₦9.6 million (4.6 per cent) guaranteed to 31 beneficiaries, respectively.

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