Central Bank of Nigeria, CBN, has been acknowledged for creating no less than six million jobs in Nigeria through intervention funding in many sectors since 2009.
Based on information from Presidency source, the evaluation of the apex bank’s intervention in the economy since 2009, CBN has generated a total of 6,000,000 jobs through its developmental finance initiatives. Data showed that the CBN set up eight intervention funds of 1.57 trillion out of which economic operators have accessed N819.164 billion to resuscitate their businesses that has helped to sustain some sectors.
According to Vanguard reports, the bank through its commercial Agriculture Credit Scheme set up about N200 billion intervention fund and till date, a total of 337.635 billion was disbursed and a total of N137.804 has been repaid.
Analysis Of The Intervention Funding
The intervention fund financed a total of 423 projects and generated a total of 1,132,232 jobs and saved the investors interest payment of N42.564 billion. The data further showed that the CBN Agricultural Credit Guarantee Scheme that was set up in 1978 with N3million as seed money disbursed a total of N97.014 billion out of which N67.014 billion was repaid. The intervention granted loan facility of 1,009,180 and has so far generated a total of 5,045,900 jobs.
The CBN evaluation data showed that the Small, Medium Enterprise Credit Guarantee Scheme set up by the apex bank in 2010 had as its seed money the sum of N300 billion. So far, N4.219 billion has been disbursed while 2.439 billion has been repaid. The intervention fund financed 87 projects. The data also showed that the apex bank set up in 2014 the RSSF facility of N300 billion, out of which N3.5 billion has been disbursed for a single project. Also in 2010, the apex bank set up the Power and Aviation Intervention fund of N300 billion. So far, a total of N255 billion has been disbursed and N69.755 billion repaid. The fund has financed 56 projects.
They also said CBN has three other funding for which about N450 billion was set aside and several projects have benefited from the intervention funding.
Therefore the Presidency official urges Nigerians to appreciate what the apex bank is trying to do for the nation, instead of criticising and seeking for sack of CBN Governor, Mr. Godwin Emefiele because of the bank’s monetary policies.