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Central Bank of Nigeria extends AGSMEIS loans to 14,638 applicants

Tochukwu Egesi
Tochukwu Egesi

The Central Bank of Nigeria has announced that it is extending its Agri-Business/Small and Medium Enterprise Investment Scheme loans to 14,638 of the applicants who applied for the loans in August.

In a publication from the lastest MPC report, the CBN stated that “The Agri-Business/Small and Medium Enterprise Investment Scheme intervention has been extended to a total of 14,638 applicants, while 250 SME businesses, predominantly the youths, have benefited from the Creative Industry Financing Initiative.”

According to the apex bank, a total of N3.5 trillion has been disbursed from the bank’s interventions in the wake of the COVID-19 pandemic.

These disbursements were made to various sectors of the economy, including real sector funds of N216.87bn; COVID-19 Targeted Credit Facility of N73.69bn; AGSMEIS of N54.66bn; Pharmaceutical and Health Care Support Fund of N44.47bn); and Creative Industry Financing Initiative of N2.93bn.

The bank said that under the real sector funds, a total of 87 projects, which included 53 manufacturing, 21 agriculture and 13 services projects have been funded.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)

Financial inclusion

Tochukwu Egesi

Financial Sector and Digital Economist (Scribing in Personal Capacity)