CBN disburses N253bn to households, SMEs as COVID-19 stimulus

By Nneka Nwogwugwu

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

The acting Director Corporate Communications, Osita Nwanisobi, said this on Thursday at the ongoing 42nd Kaduna International Trade Fair.

He noted that the beneficiaries comprised 470,969 households and 77,376 Small and Medium Enterprises.

Nwanisobi who was represented by the Branch Controller, Kaduna, Ahmed Mohammed Wali, added that the bank reduced its interest rate on CBN intervention loans from nine to five per cent 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.

He stated as quoted by the Punch, ” 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.”

According to the director, 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.