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CBN Creates 1.1 Million Jobs through Agric Intervention

The Central Bank of Nigeria said a total of 1,132,260 million jobs have been created with various agricultural value chains through the Commercial Agricultural Credit Scheme of the CBN. This was achievable through CBN various interventions in the agriculture sector, capacity utilisation of agro-allied companies had also been increased.

Director of Corporate communications department of the Central Bank of Nigeria, Mr Isaac Okorafor who made the disclosure in Abuja, said capacity utilisation of the agro-allied companies has also been created.

CBN was able to create the jobs through the bank’s Commercial Agricultural Credit Scheme

The scheme commenced in 2009 to fast-track the development of the agricultural sector. The scheme provides credit facilities to commercial agricultural enterprises at a single-digit interest rate.

Mr Isaac Okorafor also said that 1,140,854 farmers have participated in the CBN’s Anchor Borrowers Programme (ABP) in the production of 17 different agricultural products. He made the remarks at CBN’s ‘special day’ at the ongoing Abuja International Trade Fair yesterday.

Furthermore, Mr Okorafor said 255 private and 14 state governments have so far participated in the agricultural intervention scheme ABP as at June of 2019.

CBN

The director said CBN was aware of the role of the youth group in the overall development of the economy hence inaugurated Youth Entrepreneurship Development Programme (YEDP) to facilitate improved access to finance by young people.

He further added that the initiative would help develop their entrepreneurial skills, stimulate job creation through the development of Small and Medium Enterprises among youths to harness entrepreneurial capacity as well as to increase the contribution of the non-oil sector to GDP.

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The Central Bank of Nigeria and Bankers Committee equally set up the Creative Industry Financing Initiative (CIFI) to improve access to long-term, low-interest financing by entrepreneurs and investors in the industry.

“The bank did the same thing in Information Technology sub-sectors to boost job creation in the country especially among the youth.

“CBN has intervened in 29 various programmes targeted at the different stakeholder groups,’’ he said.

CBN has collaborated with the Bankers Committee to institute the Agric-business Small and Medium Enterprises Scheme (AGSMEIS) to create employment opportunities and boost the managerial capacity of Agric-businesses.

CBN Creates 1.1 Million Jobs through Agric Intervention 1

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