• About
  • Advertise
  • Contact
Saturday, May 31, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

CBN Disburses N9.7tln Intervention Funds

......targets $200bln non-oil export revenue

Vital News by Vital News
December 12, 2022
in Economy
0
Cashless Policy Has Come To Stay – CBN Governor Emefiele
Share on FacebookShare on Twitter

The Central Bank of Nigeria (CBN) has disbursed N9.714trillion through various interventions.

According the bank’s Development Finance Department (DFD) Report made available at its 2022 Retreat, in Abuja, on Monday, the Manufacturing/Industry sector had the highest allocation of 32.6 per cent.

It was followed by Energy/Infrastructure and Agriculture with 23. 1 per cent and 22.8 per cent allocations, respectively.

In his address, the Director of DFD, Mr. Philip Yusuf said that the CBN was at the forefront of food security in the country.

He noted that although, some people had raised concerns about rising food inflation, despite the bank’s massive interventions in the agricultural sector, the nation would have faced famine, if the CBN had not intervened.

RelatedStories

Nigeria To Host 2025 West Africa Economic Summit

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

His words, “In the global environment today, the challenge is on multiple fronts, geo-political instability like the Russia Ukraine war has pushed food inflation to a record high and it has global consequences for countries and citizens across the world.

“Price volatility across the world has also proven to have dire consequences especially for developing economies.

“The department has been in the forefront of food security drive in Nigeria through different programmes and initiatives.

“Nigeria is a country with a population of over 200 million people with a population growth of 2.5 per cent annually with GDP of $445 billion and the largest economy in Africa.

“With six geo-political zones and different languages, Nigeria offers huge opportunity of growth. As such, the task of ensuring food security and stabilising growth is hardly a work in the park.

“The CBN has been at the forefront of ensuring Nigeria achieves food security in collaboration with other fiscal authorities also stimulating growth in collaboration with ministry of industry.

“Food security in Nigeria has received massive boost in the last 5 years since the CBN intervened in the sector to curb over-reliance on imported goods.

“We have tranversed the length and breadth of Nigeria, empowering farmers and MSMEs in access to Finance and agric-business and also using target credit facility. It became a comfort for households especially during the covid 19.

“For those looking at food inflation to discredit the work we have done in the development finance department, I just want to tell them that Nigeria is part of a global financial system and can be prone to global shocks.

“With the rising price of food, we would have faced severe famine if not for our interventions and the agric-value chain have witnessed tremendous progress because of our interventions which we believe has set Nigeria is on the part of sustainable food sufficiency.”

In his remarks, the Deputy Governor in charge Corporate Services, Mr. Edward Adamu promised greater support for the DFD to further its interventions.

He added that all regions of the country would feel the impact of the interventions.

Also speaking, the Deputy Governor, Financial Systems Stability, Mrs. Aisha Ahmad, urges beneficiaries of the CBN loans to pay back, to enable others to benefit from the interventions.

Her words, “The loans which has been disbursed by the CBN through the development finance department has impacted greatly on the sustainability of Nigeria’s agric value chain which was evident in the third quarter GDP report released by the NBS which shows a growth of 29.9 per cent growth from 21 per cent recorded in the first quarter of 2021.

“However we urge the beneficiaries of these interventions to pay up the loans so that other people can also benefit.” (Vanguard)

Tags: CBNdevelopmentfoodprice
Previous Post

Bandits Kill 21 In Bauchi, Katsina

Next Post

Court Remands Zamfara Commissioner In Prison For Contempt

Vital News

Vital News

RelatedStories

Tinubu, Dangote Refinery And Mele Kyari’s Sack
Business

Nigeria To Host 2025 West Africa Economic Summit

May 31, 2025
Sidi Ould Tah Elected New President Of AfDB
Economy

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
National Sports Festival’s Impact on Ogun Economy Massive – Abiodun
Economy

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

May 27, 2025
We Are Better Off Together, President Tinubu To Malian Leader
Economy

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

May 19, 2025
Next Post
3 Secondary School Boys Gang-Rape 14yr-old Female Colleague In Ondo

Court Remands Zamfara Commissioner In Prison For Contempt

I will Prioritise Job Creation, Employment For Youth, Women If Elected President – Atiku

I will Prioritise Job Creation, Employment For Youth, Women If Elected President – Atiku

2023 : INEC Says Politicians Already Buying PVCs From Voters

2023 : INEC Says Politicians Already Buying PVCs From Voters

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Elections : Court Orders INEC To Accept LP Candidates In 24 States

Elections : Court Orders INEC To Accept LP Candidates In 24 States

2 years ago
Photos : Aliko Dangote At UNGA

Photos : Aliko Dangote At UNGA

8 months ago
Don’t Turn Yorubaland To Theatre Of Religious War , Leaders Of Yoruba Groups, CSOs Urged

Don’t Turn Yorubaland To Theatre Of Religious War , Leaders Of Yoruba Groups, CSOs Urged

4 months ago
Fulani Group, AMFON Petitions Rights Commission Over Alleged Killing of Members in Kogi

Fulani Group, AMFON Petitions Rights Commission Over Alleged Killing of Members in Kogi

11 months ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

Nigeria To Host 2025 West Africa Economic Summit

Delta, Ogun, Bayelsa Top Medals Table As Curtain Falls On 22nd National Sports Festival

Troops Eliminate Notorious Terror Leader, Abu Fatima In Borno

Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA

INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections

Trending

Tragedy As 22 members Of Kano Contingent To National Sports Festival In Abeokuta Perish In Crash
News

Tragedy As 22 members Of Kano Contingent To National Sports Festival In Abeokuta Perish In Crash

by Vital News
May 31, 2025
0

Twenty-two members of the Kano State contingent to the just concluded 22nd National Sports Festival in Abeokuta...

24 Kwara Students Become Hygiene Champions In Dettol, WBFA Campaign

24 Kwara Students Become Hygiene Champions In Dettol, WBFA Campaign

May 31, 2025
Ademola Lookman Visits, Presents CAF Award To President Tinubu

Ademola Lookman Visits, Presents CAF Award To President Tinubu

May 31, 2025
President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

May 31, 2025
Tinubu, Dangote Refinery And Mele Kyari’s Sack

Nigeria To Host 2025 West Africa Economic Summit

May 31, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Tragedy As 22 members Of Kano Contingent To National Sports Festival In Abeokuta Perish In Crash May 31, 2025
  • 24 Kwara Students Become Hygiene Champions In Dettol, WBFA Campaign May 31, 2025
  • Ademola Lookman Visits, Presents CAF Award To President Tinubu May 31, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In