The Central Bank of Nigeria has extended the number of beneficiaries under the Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS) Loans to 14,638 applicants.
This information is contained in a communique from the last MPC report of CBN verified by Nairametrics. The communique also revealed that 250 SME businesses, predominantly the youths, have also benefited from the Creative Industry Financing Initiative.
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In addition to these initiatives, the CBN is set to contribute over N1.8 trillion of the total sum of N2.30 trillion needed for the Federal Government’s 1-year Economic Sustainability Plan (ESP), through its various financing interventions using the channels of Participating Financial Institutions (PFIs).
Backstory
A few months ago, the CBN announced that it has unveiled a framework that will integrate a non-interest window in all its intervention programmes aimed at supporting businesses and households that have been impacted negatively by the COVID-19 pandemic. Nairametrics had earlier reported on how to access the AGSMEIS fund.
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Why it matters
Given the impact and accompanying harsh consequences of the pandemic, coupled with the present regime’s focus on diversification of the economy, this intervention is therefore aimed at achieving the diversification goal, reflating the economy, creating more jobs and income, managing inflation, and setting the economy on the path of recovery.
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CBN in the latest communique of its last MPC meetings also revealed that it has disbursed a total of N3.5 trillion in interventions in the wake of the COVID-19 pandemic as of September 22, 2020. The breakdown of the disbursement includes:
- Real Sector Funds: N216.87 billion
- Targeted Credit Facility: N73.69 billion
- AGSMEIS: N54.66 billion
- Pharmaceutical and Health Care Support Fund: N44.47 billion
- Creative Industry Financing Initiative: N2.93 billion
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In terms of project distribution, a total of 128 projects that comprises 87 real sector funds project and 41 health-related projects have been funded. In like manner, about 120,074 have received funding under the Targeted Credit Facility.
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This is very good idea
All this money they claimed they have disbursed please who is receiving them,Mr CBN governor I will like you to ask nirsal or your workers what is happening to agmesis loan after meeting all the requirements we still have not seen any money since June it’s not fair at all.they keep opening portal to apply for loan and grant without the applicant seeing the money.do something sir .thanks
I totally agree, it’s not even June, since February, after going through training, submitting application and business plan and doing interview, no information whatsoever. And the funny thing is that training centre’s up to this day keep collecting money and training people. CBN or NIRSAL should publish a list of business that actually received any funds. When contacting training Centre for any information, the reply is always that NIRSAL is disbursing the money in batches. There is no feedback or any way how to get information from NIRSAL itself or how to track the progress in their portal.
This very good opportunity to Nigerian,lam a staff of Lagos State University I,av been using staff cooperative loan stated my farm, over three years ago and I get five acre of land at igborodo village ogun State Nigeria,to facilitate I need a tractor plough with an auxiliary fairly used Jeep I will glad if my application is favorable consideration Sir Thanks. My business registration is ALIAMUDI VENTURES CAC BN LAZ 101774 dated 25 January’ 2001 respectively.