CBN disburses N237bn to 313 agric projects

“However, we will also be paying attention at financing sectors that can help the country to reduce its burgeoning import bill and conserve much needed foreign exchange.

“In the health sector, the apex bank intends to play a facilitating role by unlocking the potentials that exists for the private sector to invest at various points along the healthcare value chain in hospital services, health insurance,” he said.

The apex bank’s governor said that keen interest would be taken in supporting the creation of an enabling environment that would trigger private sector investment and curb the growing trend of medical tourism.

According to him, such tendencies had depleted the nation’s foreign reserve.

He assured that the bank would give support to power infrastructure, which would include promotion of investment in gas-to-power infrastructure and renewable energy in rural areas.

He said that in addition to 36 power projects that had received N115.734 billion from Power and Aviation fund, funding viable gas to power projects would be top priority.

“We are currently collaborating with the Ministries of Power and Petroleum Resources, the Nigerian Electricity Regulatory Commission and all relevant stakeholders to find innovative ways of dealing with the legacy gas-to-power project.

“This is to ensure that the international oil companies and other producers of gas can significantly increase the production and supply of gas to power plants across the country,” he said.

On reducing access to credit to Micro Small and medium enterprise sector, he said that CBN would work with relevant stakeholders to establish a secured transaction and National Collateral Registry.

This, he said, would facilitate the registration and acceptability of movable property as loan collateral, adding that the bank would “encourage venture capital companies and business angels to fund MSME.”

On the N220 billon MSME fund, he said it was an innovative way to improve access to finance and shore up potentials for job creation to reduce poverty rate in the country.

Emefiele assured that the fund would be disbursed through the private or state owned micro finance institutions, finance houses and cooperative finance agencies

He said that the fund would be accessible in equal parts to micro enterprises and SMEs.

According to him, the fund will be disbursed by participating state governments and financial institutions at a maximum of nine per cent interest per annum to end users.