The Central Bank of Nigeria (CBN), has disbursed N12.65 billion to the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme from January till date.
The CBN Governor, Mr Godwin Emefiele said this on Tuesday in Abuja, when he read the 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 ABP since inception in 2015 is N1.09 trillion.
“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,” Emefiele said.
He said that the CBN had also disbursed huge sums as intervention to various other sectors of the economy.
“The CBN also 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.
“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 said.
He said that the apex bank also released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos).
He said that the facility was aimed at improving liquidity status of the Discos, and aiding their recovery of legacy debt.
“This brings the cumulative disbursement under the facility to N254.39 billion,” he said.
ECONOMY IN NINE-QUATER CONSECUTIVE GROWTH
The Central Bank of Nigeria (CBN), says the Nigerian economy has maintained a positive growth trajectory for nine consecutive quarters, since exiting recession in 2020.
The CBN Governor, Mr Godwin Emefiele, said this on Tuesday in Abuja, when he read the cominique issued at the end of the 290th meeting of the Monetary Policy Committee (MPC) meeting of the apex bank.
According to Emefiele, the improved performance of the economy has been driven largely by sustained growth in the services and agricultural sectors.
He also cited a rebound in economic activities associated with economic recovery and continued intervention in growth enhancing sectors by the CBN as responsible for the growth.
“Staff projections showed that output growth recovery is expected to continue into 2023 and 2024.
“The Committee, however, observed with concern, the marginal increase in headline inflation in February 2023, to 21.91 per cent, from 21.82 per cent in January 2023, a 0.09 percentage point increase.
“This increase was attributed largely to a minimal rise in the food component to 24.35 per cent in February 2023, from 24.32 per cent in January 2023.
“The core component moderated to 18.84 per cent in February 2023 from 19.16 per cent in January 2023,” he said.
Emefiele said that the shocks to the food component of inflation were driven by high cost of transportation of food items.
He said that lingering security challenges in major food-producing areas and legacy infrastructural problems, which continue to hamper food supply logistics were also responsible.
“Broad money supply (M3) grew by 13.14 per cent in February 2023, below the 2023 provisional annual benchmark of 17.18 per cent.
“This was driven largely by the growth in Net Foreign Assets (NFA), which was attributed to the increase in foreign asset holdings of the CBN and decrease in foreign claims on Other Depository Corporations (ODCs).
“Money market rates reflected the tight liquidity conditions in the banking system.
“Consequently, the monthly weighted average Open Buyback (OBB)
and Inter-bank Call rates increased to 12.74 and 12.54 per cents in February 2023, from 10.14 and 10.35 per cent in January 2023,” he said.
