The Central Bank of Nigeria has introduced 11 intervention schemes to carter for Non-interest Financial Institutions and promote financial inclusion.
The CBN made this announcement in a circular signed by Kevin Amugo, Director, Financial Policy and Regulation Department.
The document was sent to all non-interest financial institutions on July 21, 2020.
“The Central Bank of Nigeria in its efforts to increase access to finance by NIFI introduced the following intervention schemes to carter for NIFI,” the document stated.
The Accelerated Agricultural Development Scheme was top on the list of the bank’s interventions.
According to the CBN, the objective of AADS is to engage a minimum of 370,000 youths in agricultural production across the country over the next three years to reduce unemployment.
The scheme, according to the apex bank, is open to Nigerian youths between the ages of 18 and 35.
The Agri-business, Small and Medium Enterprise Investment Scheme, an initiative of the Bankers’ Committee established at its 331st Meeting held in 2017, was another scheme that made the CBN list.
“The scheme supports government’s policy measures and efforts for the promotion of agricultural businesses, micro, small and medium enterprises as vehicles for sustainable economic development and employment generation,” the circular added.
Intervention in the textile sector was also another scheme listed in the document.
The CBN stated that its effort to resuscitate the textile industry pushed it to put in place a N50bn-special mechanism for a restructuring of existing facilities and provision of further facilities for textile companies with a genuine need for intervention.
“This was the result of the meetings between the Governor and owners of textile mills in Nigeria on August 7, and September 29, 2015. Among the resolutions reached were that the textile mills articulate the status of their BOI CTG Loans stating their outstanding loan balances, tenure, interest rate, interest payment, and the assistance being sought from CBN,” it said.
Other schemes that made the CBN intervention list included Anchor Borrowers’ Programme, real sector support facility, credit support for the health sector, implementation of the creative industry financing initiative (non-interest version).
