•ABP disbursements hit N1.09trn

From Uche Usim, Abuja

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Tuesday attributed the marginal decline in the level of gross external reserves to $36.13 billion in February 2023, from US$36.4 billion in January 2023, to the downtrend in crude oil prices, as global uncertainties persist.

He made the disclosure in Abuja at a media briefing after the 147th Monetary Policy Committee (MPC) meeting. 

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He also noted that the Committee reviewed the performance of the Bank’s various interventions aimed at stimulating production and productivity across the real sector. 

“Between January and February 2023, the Bank disbursed N12.65 billion to three agricultural projects under the Anchor Borrowers’ Programme (ABP), bringing the cumulative disbursement under the Programme to N1.09 trillion  to over 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland across the country.  

“The bank also released the sum of N23.70 billion under the N1.0 trillion Real Sector Facility to eight (8) new real sector projects in agriculture, manufacturing, and services. Cumulative disbursements under the Real Sector Facility currently stands at N2.43 trillion, disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects. Under the 100 for 100 Policy on Production and Productivity (PPP). The Bank also released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of distribution companies (Discos) aimed at improving their liquidity status and aid their recovery of legacy debt. This brings the cumulative disbursement under the facility to N254.39 billion”, Emefiele explained.