CBN creates over 7.1m direct jobs in intervention schemes

CBN creates over 7.1m direct jobs in intervention schemes

The Central Bank of Nigeria (CBN) has as at August 2017 created over 7.1 million direct and over 14,304 indirect jobs through its intervention schemes.

Isaac Okorafor, acting director, corporate communications department disclosed this on Thursday at the CBN special day at the ongoing Lagos International Trade Fair in Lagos.

The breakdown of the CBN’s intervention schemes which have impacted positively to the economy include, Agricultural Credit Guarantee Scheme Fund (ACGSF) which has created a total of 5,045,900 jobs, N200 billion Commercial Agricultural Credit Scheme (CACS) – 1,134,772 jobs; N200 billion Small and Medium Enterprises (SME) Restructuring and Refinancing Facility (SMERRF) – 89,860 jobs; N300 billion Power and Airline Intervention Fund (PAIF) – 7,899 direct jobs and 14,304 indirect jobs; the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) – 139,156 jobs; Textile Sector Intervention Facility (TSIF) – 1,668 jobs; Nigeria Electricity Market Stabilisation Fund (NEMSF) – 1,180MW Capacity Recovery by Generating Companies (GENCOS) and over 414,000 units of meters procured; and Anchor Borrowers’ Programme (ABP) created 653,250 direct jobs.

Okorafor said a total sum of N44.18 billion has been released through 13 Participating Financial Institutions (PFIs) in respect of 200,000 small holder farmers across 29 States in the country cultivating over 234,581 hectares of farmland in the ABP.

The CBN targets 500,000 participants by end of 2017 on the ABP. He said the CBN is expanding the ABP through the direct engagement of commodity associations. “Currently we are working with the Rice Farmers Association of Nigeria (RIFAN) to mobilise 300,000 rice farmers who would add two million tons of rice to the national output in one year.

He said the CBN is also working with the Federal Ministry Agriculture and rural development which aims at the pilot stage to create at least 10,000 jobs in each state of the federation.

In order to provide access to finance for MSMEs, the acting director noted that the CBN has facilitated the establishment of the National Collateral Registry (NCR) to ensure that MSMEs and the millions of budding entrepreneurs across the country can use their movable assets to raise finance.

Speaking at the trade fair, Nike Akande, president, Lagos Chamber of Commerce and Industry (LCCI)charged the CBN to pay more attention to excess bank charges in the banking sector.

 

HOPE MOSES-ASHIKE

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