CBN disbursed over N3trn to revive economy – Emefiele
Written by on March 29, 2022
Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has said the apex bank and the participating financial institutions disbursed over N3 trillion in intervention loans to facilitate economic recovery since the COVID-19 pandemic.
Emefiele said the intervention loans were disbursed to households, Small and Medium Scales enterprises, smallholders farmers to cushion the negative effects of the pandemic.
The CBN Governor stated this at the Ekiti State University (EKSU), Ado-Ekiti, while delivering a convocation lecture titled: “The role of Central Bank in managing economic downturns,” to mark the 40th anniversary of the university.
Emefiele, represented by the Deputy Governor, Corporate Affairs, Mr. Edward Adamu, said N948 bn was disbursed to 4,478,381 small-holder farmers to boost food production in the country.
He added that apart from encouraging farming, the lofty scheme introduced to revive the ailing economy had generated 12.5 m direct and indirect jobs for unemployed Nigerian youths.
The CBN Governor added under the credit facility to help households and businesses that suffered significant losses during the pandemic, that the bank had disbursed N368.79 billion to 778,000 beneficiaries.
Emefiele noted that 648,052 households and owners of Small and Medium Enterprises benefited from the federal government-driven policy.
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