CBN disburses N174.48 bn under Anchor Borrowers Programme — Official

The Central Bank of Nigeria (CBN) says it has so far cumulatively disbursed N174. 48 billion through 19 financial institutions under its Anchor Borrowers Programme since 2015.

The Director, Corporate Communications Department of the bank, Mr Isaac Okoroafor stated this on Friday in Enugu at the on-going Enugu International Trade Fair.

Okoroafor, who was represented by the Deputy Director of department, Mrs Veronica Always, said that the programme had supported 902, 518 farmers working with 194 anchor companies.

He said the scheme had so far created 2.8 million and 8.4 million direct and indirect jobs respectively.

According to him, the institution had over the years sustained its intervention in other critical sectors like power, aviation, health and others which had triggered robust economic growth and development in the country.

Okoroafor said that the bank had as at December 2018, disbursed about N183.09 billion under the Nigeria Electricity Market Stabilisation Facility (NEMSF), launched in December 2014.

He said the N213 billion facilities were aimed at settling some debts in the Nigerian Electricity Supply Industry (NESI).

Okoroafor said that efforts of the bank had led to the generation of more than 1, 200 MW in both hydro and thermal plants.

He said that N25.4 billion had been disbursed under the Non-Oil Export Stimulation Facility (NESF) and Export Development Facility (EDF) initiative of the bank.

He explained that the scheme initiated in 2018, was to facilitate access to credits in various sectors.

He said the institution had supported several interventionist programmes including the Micro. Small and Medium Enterprise Development Facility, Commerce Agricultural Credit Scheme that had contributed to the economic growth.

“The bank in an effort to deliver credible, reliable and efficient payment system in November 2016, created Payment System Management Department.

“The department is to drive Mobile Money Operations, agent banking, establishment of Nigerian Electronic Fraud Forum and Watch-list for the Nigerian Banking Industry,” Okoroafor said.

Earlier in an address of welcome, the President of Enugu Chamber of Commerce Industries Mines and Agriculture (ECCIMA), Mr Emeka Udeze, commended the bank for participating in the fair.

Udeze said that members of the chamber were satisfied with the various intervention schemes of the bank aimed at encouraging economic development and growth.

“We urge the CBN to design an improved way of working with some institutions in the financial and banking sector that have been designated for similar roles and still achieve the same targets,” Udeze said.