ABUJA – The Central Bank of Nigeria (CBN) has unveiled plans to release a framework for the integration of non-interest window in all its intervention programmes, particularly the Anchor Borrowers’ Programme (ABP) and the Targeted Credit Facility (TCF) to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic . The Bank also plans to fund the value chains of nine commodities to the tune of N432 billion in the 2020 wet season.
These were disclosed by the duo of the Bank’s Director, Corporate Communications, Isaac Okorafor and Yila Yusuf, the Director, Development Finance Department, who jointly represented the CBN Governor, Mr. Godwin Emefiele, at a stakeholder meeting on Thursday, June 18, 2020, to review the successes recorded under the ABP and the strategies for the 2020 agricultural wet season.
According to Okorafor, the creation of a non-interest window followed appeals by concerned stakeholders for farmers across the country to also be considered for funding under the non-interest window.
While revealing that work had been concluded on the funding document, he said the policy would be issued shortly outlining how farmers under the category could apply and benefit from the agricultural programmes of the CBN.
Okorafor said the Bank, in the 2020 agricultural wet season, was committed to aggressively fund its agricultural programmes and spur farmers along select crop value chains to prevent the country from sliding into a recession, as is currently being experienced in some major economies of the world.
Speaking on the Targeted Credit Facility (TCF) of the Bank aimed at alleviating the impact of the corona virus on individuals and small businesses, Okorafor noted that the Bank was determined to push the economy to ensure Nigeria does not experience consecutive quarters of negative growth. Accordingly, he said that the Governor, Mr. Emefiele, had directed the Development Finance Department of the Bank as well as the NIRSAL Micro-Finance Bank (NMFB) to fast-track the approval process of loans, which he stressed were to help restore businesses and livelihoods.
