The Targeted Credit Facility (TCF), a Central Bank of Nigeria initiative, has benefited a total of 726,198 recipients with a about N343.2 billion of credit.
This was disclosed by CBN governor, Mr Godwin Emefiele who was represented by the Director, Corporate Communication department, Mr. Osita Nwanisobi, at a 16th International Trade Fair in Abuja over weekend, according to Leadership.
He stated that aside the disbursement of N343.22 billion credit facility, there is still the disbursement of N134,57 billion to 38,140 beneficiaries under the Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS).
What the CBN is saying
He said, “There is the deployment of N756billion to 3.7million farmers cultivating over 4.6 million hectares of farmland under the Anchor Borrowers Programme (ABP).
“The mobilisation of key stakeholders in the Nigeria economy through the CACOVID alliance which led to the provision of over N23billion in relief materials to affected households and the setup of 39 isolation centres.”
Nwanisobi also revealed that the CBN will introduce the eNaira, a digital counterpart of Nigeria’s legal tender with the same value as fiat naira, at a press conference.
In terms of minting and issuing of the eNaira, he added that the CBN is the central authority, while banks and other financial service providers will be involved in its distribution.
What you should know
- Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), earlier revealed that the financing gap for Micro, Small and Medium Enterprises (MSMEs) in Nigeria is estimated to be over N617.3 billion each year.
- The CBN in the past has made many efforts to boost access to credit for Micro, Small and Medium Enterprises (MSMEs). Last month, the apex bank developed guidelines for the regulation and supervision of credit guarantee companies in Nigeria.
- The guideline would serve as a regulatory foundation for credit guarantee firms seeking to minimize credit risk, promote lower interest rates on loans, and complement other regulatory measures targeted at promoting MSMEs.