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CBN Disburses N41.2BN to cut wheat Imports

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the bank has disbursed N41.2bn under its intervention schemes to cut wheat production.

Speaking after the Monetary Policy Committee meeting in Abuja on Tuesday, he said, “The bank also disbursed the sum of N41.2bn for the commencement of the brown revolution, a large-scale wheat programme to wean us off imports by 35 per cent in the first year.”

Emefiele said between September and October 2021, the bank, under the Anchor Borrowers’ Programme, disbursed N43.19bn to support the cultivation of over 250,000 hectares of maize, sorghum, soya beans and rice during the 2021 dry season.

He revealed that N5.88bn was disbursed to finance six large-scale agricultural projects under the Commercial Agriculture Credit Scheme adding that the bank had disbursed the total sum of N864bn to 4.1 million farmers, cultivating 5.02 million hectares.

“Cumulatively, the bank has disbursed the sum of N1.08tn under this scheme. As part of its effort to support the resilience of the healthcare sector, the bank disbursed N5.39bn to nine healthcare projects under the Healthcare Sector Intervention Facility.

“The bank has also cumulatively disbursed the sum of N108.65bn to hospitals and pharmaceutical industry; 54 of the 117 projects funded are for hospital services.” Emefiele said.

Meanwhile, CBN had disbursed N261.92bn for 42 additional projects under the N1tn manufacturing intervention.

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