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CBN disburses N41.2b to cut wheat imports

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Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the bank has disbursed N41.2 billion under its intervention schemes to cut wheat production.

Speaking after the Monetary Policy Committee meeting, in Abuja, on Tuesday, he said, “The bank also disbursed the sum of N41.2 billion for the commencement of the brown revolution, a large-scale wheat programme to wean us off imports by 35 per cent in the first year.”

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He said between September and October 2021, the bank, under the Anchor Borrowers’ Programme, disbursed N43.19bn to support the cultivation of over 250,000 hectares of maize, sorghum, soya beans and rice during the 2021 dry season.

He said N5.88 billion was disbursed to finance six large-scale agricultural projects under the Commercial Agriculture Credit Scheme.

Mr. Emefiele maintained that the bank had disbursed the total sum of N864bn to 4.1 million farmers, cultivating 5.02 million hectares.

He said the bank disbursed the N261.92 billion for 42 additional projects under the N1 trillion manufacturing intervention.

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According to Emefiele, “Cumulatively, the bank has disbursed the sum of N1.08tn under this scheme.

“As part of its effort to support the resilience of the healthcare sector, the bank disbursed N5.39bn to nine healthcare projects under the Healthcare Sector Intervention Facility.’

The CBN governor also said that the bank had also cumulatively disbursed the sum of N108.65 billion to hospitals and pharmaceutical industry; 54 of the 117 projects funded are for hospital services.

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