The Central Bank of Nigeria has revealed that it disbursed a total of N106.96 billion to 27,956 beneficiaries of Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS).

This information is contained in a recent communique from the last MPC report of the CBN.

Recall that Nairametrics had earlier reported the expansion of AGSMEIS beneficiaries to 14,638. In lieu of this, the recent figures show a remarkable improvement of an additional 13,318 beneficiaries.

The apex also revealed that it has disbursed a total of N2.0 trillion as at January 2021. Other key disbursements are;

• The disbursement of N192.64 billion to 426,016 households and small businesses under the COVID-19 Targeted Credit Facility (TCF).
• The disbursement of N72.96 billion to the Health Care Support Intervention Facility, directly impacting about 73 projects which comprises of 26 pharmaceutical projects and 47 hospitals and health care services projects in the country.
• In a bid to support the provision of employment opportunities, the apex bank provided financial support of N3.12 billion to 320 beneficiaries under the Creative Industry Financing Initiatives and N268 million to 395 beneficiaries under the Nigerian Youth Investment Fund.
• The apex bank also provided N18.58 billion for the procurement of 347,853 electricity reading meters to Discos, in a bid to support the National Mass Metering Programme.

What you should know

• The Agri-Business/Small and Medium Enterprise Investment Scheme is a Federal Government initiative aimed at supporting efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) in Nigeria, with the long-run goal of achieving sustainable economic development and employment generation.
• With the CBN AGSMEIS Loan, one can access up to N10M at 5% per year without collateral.

President Muhammadu Buhari has directed the National Agency for Science and Engineering Infrastructure (NASENI), to collaborate with Dynali Company, a Belgian Helicopter Manufacturing Company, for the local production of helicopters.

According to a report from the News Agency of Nigeria (NAN), this directive was given by the President at the maiden edition of the meeting of the Governing Board of NASENI at the State House, Abuja, on Tuesday, January 26, 2021.

While presiding over the meeting, President Buhari, who is also the Chairman of NASENI, directed the agency to work towards bridging the gaps in research and technology that keeps Nigeria waiting on other countries for supplies and solutions, especially in tackling challenges like the Covid-19 pandemic.

What President Buhari is saying

Buhari said the agency should play a more pivotal role in equipping the country during emergencies, while encouraging research, upgrading local skills, fabrication and international collaborations that would provoke growth in science and technology.

The President said, “The uniqueness of the mandate of NASENI as enshrined in its enabling law towards the actualisation and realisation of our development programmes such as the creation of Ten Million jobs; Economic Recovery and Growth Programme (ERGP) and Post COVID-19 sustainability Plan.

“It is only deliberate deployment of Engineering, Science, Technology and Innovation (ESTI) using technology domestication and reverse engineering of capital goods.

“Making them available in Nigeria that can fast-track the realisation of our collective will to build capacity and reduce poverty among our teeming populace. The countries that are at the forefront of economic recovery have only one thing in common: investment and sustained research and development work in knowledge economy.

“Covid-19   pandemic   has exposed the Technology and innovation gap between us and the developed World, which NASENI is strategically positioned to fill.’’

Going further, the President said in order to achieve its full potential, NASENI must be empowered through the provision of adequate financial, human and material resources and be given the autonomy and independence to engage in international partnerships to acquire the relevant technologies for socio-economic and industrial advancement of the country.

He said, ‘’In this regard, I have directed the Honourable Minister of Finance, Budget and National Planning and Federal Inland Revenue Service to commence remittance of funds approved by Law of the Agency.’’

‘’It is important to for members of the NASENI Governing Board to note that Agencies of Governments with a similar mandate as NASENI in many countries are directly under the supervision of their respective Heads of State and Government.’’

While making his own remark, the Executive Vice Chairman of NASENI, Prof. Mohammed Haruna, revealed that the agency had constructed electronic voting systems and was already working on locally produced jet engines and assemblage of passenger and military helicopters.

What you should know

• It can be recalled that President Buhari had earlier approved the reconstitution and inauguration of the Governing Board of NASENI on March 8, 2018, with a clear mandate to develop local capacity in machine building and fabrication, which would be critical to Nigeria’s industrial development.
• NASENI was established in 1992 by the Federal Government following the recommendations of the White Paper Committee on the 1991 Report of a 150-member National Committee on Engineering Infrastructure comprising scientists, engineers, administrators, federal and state civil servants, economists, lawyers, bankers and industrialists.

The African Development Bank (AfDB) has formally launched the Africa Adaptation Acceleration Program (AAAP) that would mobilize $25 billion to scale up and accelerate climate change adaptation actions across Africa.

This disclosure was made by the President of AfDB, Dr. Akinwunmi Adesina, during the Climate Adaptation Summit (CAS) 2021, hosted by the government of the Netherlands and the Global Centre on Adaptation (GCA).

According to Dr. Adesina,

• “Our ambition is bold: to galvanize climate resilience actions; support countries to accelerate and scale up climate adaptation and resilience, and mobilize financing at scale for climate adaptation in Africa”
• “Our Youth Adaptation flagship will unlock $3 billion for the youth, support 10,000 youth-led SMEs in climate resilience, and build capacity for one million youth on climate adaptation”

Dr. Adesina thanked Ban Ki-Moon for his role in the establishment of GCA’s regional office for Africa in Abidjan in 2020, which was hosted by the Bank.

He also acknowledged that the presence of John Kerry, U.S. special envoy for climate, provided a boost to global climate efforts and stated, “With you in charge, and the strong and palpable leadership of President Biden, we are reenergized on the global agenda on climate change”

What they are saying

• In consideration of the huge gaps in financing for adaptation in developing countries, the UN Secretary-General, Ban Ki Moon, called for 50% of all climate finance provided by developed countries and multilateral development Banks to be allocated to adaptation and resilience in developing countries, noting, “the African Development Bank set the bar in 2019 by allocating over half of its climate financing to adaptation.”
• The Ghanaian president, Nana Addo Dankwa Akufo-Addo, said that his country was working with the private sector with the assistance of the Green Climate Fund, “to establish a multimillion-dollar green fund to support our climate adaptation interventions and our efforts to transition to renewable energy.”

What you should know

• The Climate Adaptation Summit holds annually to discuss emerging climatic issues and challenges facing Africa
• The AAAP, a joint initiative between the African Development Bank and the Global Centre on Adaptation, is expected to scale up innovative and transformative actions on climate adaptation across Africa.
• The African Development Bank Boss participated in three sessions and outlined a number of Bank initiatives, including the $20 billion Desert to Power project to create a solar zone in the Sahel, the largest in the world.
• The Bank’s Technologies for African Agricultural Transformation (TAAT) initiative has leveraged $450 million and provided 19 million farmers in 27 countries with climate-resilient agricultural technologies, raising average yields by 60%.