CBN disburses N12.65bn for ABP intervention projects in two months

By Luther Animashaun

The Central Bank of Nigeria (CBN), said it has released not less than N12.65 billion to the Anchor Borrowers Programme (ABP) in the first two months of 2023.

Godwin Emefiele, the CBN governor, stated this in a communique issued at the  end of the 290th meeting of the apex bank’s monetary policy committee (MPC).

According to Emefiele, the total sum that has been disbursed under the flagship agriculture scheme since inception in 2015, currently stands at N1.09 trillion.

Giving a breakdown of the initiative, he said: “Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP.

“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland.”

The  CBN Governor also stated  that the apex bank is not only dedicated to boost the agricultural sector but also, other sectors of the economy which is why it has released the sum of N23.70 billion under the N1.0 trillion real sector facility to eight new real sector projects in agriculture, manufacturing, and services.

According to Emefiele, cumulative disbursements under the real sector facility currently stands at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects.

He further disclosed that the CBN released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos), bringing the cumulative disbursement under the facility to N254.39 billion.

He said that the facility was aimed at improving liquidity status of the Discos, and aiding their recovery of legacy debt.