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Kaduna fair: ‘CBN has disbursed N368bn to 778,000 households, SMEs’

The Central Bank of Nigeria (CBN) has disbursed N368.79 billion to over 778,000 beneficiaries comprising 648,052 households and about 130,000 Small and Medium Enterprises (SMEs),…

The Central Bank of Nigeria (CBN) has disbursed N368.79 billion to over 778,000 beneficiaries comprising 648,052 households and about 130,000 Small and Medium Enterprises (SMEs), Director Corporate Communications Department of the bank, Mr Osita Nwanisobi, has said.

Speaking at the bank’s special day at the ongoing 43rd Kaduna international trade fair organized by the Kaduna Chambers of Commerce Industry Mines and Agriculture (KADCCIMA), the director also said, a total of 4,478,381 small-holders farmers who cultivated 5.2 million hectares of farmland across the country and created 12.5 million direct and indirect jobs had received N948 billion under the Anchor Borrowers Program (ABP).

He said the recently launched Tertiary Institutions Entrepreneurship Scheme (TIES) is expected to unleash the potential of Nigerian graduate entrepreneurs by providing re-orientation, training and innovative financing model that will enhance the entrepreneurial ecosystem with a transformational impact on the economy.

“The broad objective of the 100 for 100 policy in production and productivity (PPP) is to boost production and productivity, necessary to transform and jumpstart the productive base of the Nigerian economy.

“It is also expected that the initiative will reverse the nation’s over-reliance in imports, by creating an ecosystem that targets and supports the right companies and projects with the potential to immediately transform and kickstart the productive base of the economy.”

He further said, about N23.20 billion has been disbursed to encourage financial inclusion; reduce the cost of processing cash and enable direct welfare disbursement to citizens.

Nwanisobi also said the continued modernization of our payments system and the increasing number of fintech solutions that offer new capabilities to consumers, lend credence to the launch of the Central Bank of Nigeria Digital Currency (CBDC), the eNaira which he said will improve the availability and usability of central bank money.

“Let me reassure you that the Central Bank of Nigeria under the leadership of Mr Godwin Emefiele will continue to be a people-focused Central Bank promoting confidence in the economy and enabling an improved standard of living,” he added.