CBN to Deploy N60 Billion Intervention Fund in Vulnerable Sector

External reserves hit $47bn

As part of efforts to stimulate economic activities, the Central Bank of Nigeria( CB N) Governor, Mr. Godwin Emefiele has disclosed plan by the central bank, in collaboration with the banks to deploy part of the Agri-business, SME Investment Scheme Fund (AGSMEIS) fund to the “vulnerable sector in the next few days.”

This is just as he put the present value of the country’s external reserves at $47 billion.

Emefiele said this in a keynote address he delivered after he received The Guardian “Economic Personality of the Year 2017” award in Lagos yesterday.

He also disclosed that by the middle of this year, the A GS ME IS fund, which was derived from an initiative by the banks to set aside five per cent of their profit after tax year, would have risen to N60 billion. Emefiele explained: “In2016, the banks came up with an initiative where they all agreed that they would contribute five percent of their profit aftertax, to support the development initiatives of governments in Nigeria.

“By the middle of this year, the banks would have contributed N60 billion into the fund. I can assure you all that in the nextf ew days, the CBN together with the banks would be unfolding the disbursement to the vulnerable sectors in Nigeria.”

Commenting on the central bank’s intervention sin real sectorso ft he economy in recent time, the CB N Governor disclosed that N 393.5 billion had been released to 478 large scale agricultural projects since inception in 2010.

Furthermore, in terms of the Real Sector Support Facility( RS SF ), he said the CBN was poised to disburse up to N 400 billion at only nine per cent.