CBN policies and the future of the economy

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, earlier in the year, during a visit to the Kaduna Trade Fair and visits to farms across the country used those opportunities to put some of his policies in perspective. Considering past policy failures with regard to the financing of Small and Medium Enterprises (SMEs) as well as the agricultural sector, to most ardent observers, his policies are obviously futuristic in content and will become a success reference point soon may be after he has done his bit and moved on.  

Those policies will remain significant strands of the Emefiele legacy as a central banker who dared to make a change many consider as positive.  On a visit to one of those farms in Edo State benefitting from his intervention, Emefiele asserted that the bank’s infusion of fund in the agricultural sector saved the Nigerian economy at a critical moment and gave a boost to productivity in the sector in the last six years.

At that Trade Fair, he used the opportunity of the business expo to inform Nigerians that farmers received N948 billion while Small and Medium Enterprises (SMEs) and households have so far received N368.79 billion within the period under review. 

A breakdown of these figures indicates that a total of 4,478,381 smallholder farmers who received N948 billion loans from the Central Bank of Nigeria (CBN) have cultivated 5.2 million hectares of farmland across the country and created 12.5 million direct and indirect jobs. Similarly, CBN has also disbursed N368.79 billion to over 778,000 beneficiaries comprising 648,052 households and about 130,000 Small and Medium Enterprises (SMEs).

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