CBN INTERVENTIONS IN DELTA AND EDO STATES
The Central Bank of Nigeria undertakes some developmental functions to facilitate the attainment of its objectives. These include stimulating finance to key sectors of the economy like the agricultural and real sectors, facilitating investment in the development of critical infrastructure, deepening financial inclusiveness etc.
The Central Bank of Nigeria has financed 22,585 projects in Delta State. We highlight three of these projects in this edition, in recognition of the fact that access to affordable finance is a major factor to innovation and development of any economy. In Nigeria, the Central Bank’s development finance interventions are targeted at priority sectors which include the following: agriculture, manufacturing, infrastructure, healthcare, export, micro, small and medium enterprises, MSMEs.
Here are some of the projects financed under the Central Bank’s interventions:
Name: Emmppek Farm Limited
Location: Ogboru Street, Ajanomi Quarters, Abraka, Delta State.
Emmppek Farm Limited is an integrated agribusiness enterprise with a bioeconomy strategy, positioned to take advantage of opportunities in high-valued crops and livestock to achieve high premium quality products using technology.
The company accessed funding under the Commercial Agricultural Credit Scheme (CACS). The fund was utilised for the establishment of an egg powder plant with a production capacity of 250,000 eggs per day. The Facility has enabled the company to create 150 direct and indirect jobs.
Name: Trinity Plantation Limited
Location: Indumuje Ugboko, Aniocha North, Delta State
Trinity Plantation Limited is an agro processor of premium quality palm oil. The company accessed funds under the Commercial Agricultural Credit Scheme, CACS to finance the procurement and installation of a 240 tons per day oil processing mill.
The funding has enabled the company to increase its capacity, which has resulted in the creation of 150 direct and Indirect jobs, thereby impacting the country’s GDP positively.
Name: General Steel
Location: Kilometer 1, Asaba-Ibusa Road Asaba, Delta State
General Steel Mill is an industrial plant that manufactures steel. The company, which began operations in 1963, has progressed over the years, and diversified into 7 companies, with 4 being steel related.
The company accessed funding under the Real Sector Support Facility-Differentiated Cash Reserve Requirement, RSSF-DCRR which enabled it to increase its capacity. This has also assisted in the creation of about 200 direct and indirect jobs, thereby contributing positively to the economy.
The Real Sector development initiatives of the Central Bank of Nigeria (CBN) were introduced to stimulate and sustain growth in key sectors of the economy, revive moribund projects, empower the youth population, explore untapped potentials in various economic landscapes and enhance foreign exchange inflow. These interventions have significantly contributed to the overall growth of the Nigerian economy. From the provision of loans at concessionary rates to cushion the effects of the COVID-19 pandemic in the country, these initiatives originally designed to address issues surrounding core sectors of the economy, have now become a lifeline for most Nigerians.
There are about 17,370 ongoing projects in Edo State, which reflect the unwavering commitment of the CBN towards poverty alleviation, job and wealth creation and overall sustainable development of the economy. Below are testimonials from beneficiaries of some of the interventions introduced by CBN.
Name: Medvical International
Location: Boundary Road, Benin City, Edo State
Medvical International is a medical facility which operated as a clinic with one out-patient ward and a visiting doctor. The clinic accessed funding from the Central Bank of Nigeria under the Health Sector Intervention Fund (HSIF). With the loan, the clinic was able to upgrade to a hospital with 4 out-patient wards, 3 maternity wards, a well-equipped theatre, and a diagnostic laboratory with a 4D automated ultra-scanning machine. They also have 3 doctors on call and a pharmacy.
The funding enabled the hospital to increase its capacity, which resulted in the creation of about 30 jobs.
Name: Owaeghianye Anthony Fortress
Intervention: Targeted Credit Facility (TCF)
Location: 84 Mission Road, Benin City, Edo State.
Mr. O. A. Fortress is a POS and Logistics operator, who struggled to break even due to low capitalization. He, however, accessed a loan under the Targeted Credit Facility (TCF), ploughing the funds into his business for expansion. The business has witnessed growth since the injection of funds with the acquisition of 6 motorcycles and hiring of 10 additional workers.
Mr. Fortress has nothing but praise for the CBN for coming to the aid of small business owners through its intervention.
Name: Joy Usifoh
Intervention: Agribusiness, Small & Medium Enterprise Investment Scheme, AGSMEIS
Location: Obanor ST. off Ahor Road, Aduwawa by-pass, Uhunmwonde LGA.
Joy Usifoh is a baker who was struggling to produce at least 300 loaves of bread every day. She, however, accessed funding through the Agribusiness Small and Medium Enterprises Intervention Scheme (AGSMEIS), an intervention of the Central Bank of Nigeria. She is currently producing 1,200 loaves of bread per day. She has also been able to employ more staff, with her staff complement being 8 now.
Ms. Usifoh expressed much gratitude to the Bankers Committee and the CBN for the improvement in her life and business.
Name: Okomu Oil Plc.
Intervention: Commercial Agricultural Credit Scheme (CACS)
Location: Ovia Northeast LGA, Edo State
Okomu Oil PLC is located in Edo state. The company is one of Nigeria’s four largest palm oil producers. The company accessed a loan under the Commercial Agricultural Credit Scheme (CACS), an intervention of the Central Bank of Nigeria, and utilized it for the installation of a 30 tons per hour oil processing mill, bringing the company’s production capacity to 60 tons per hour. This has led to the increase of the company’s staff strength to 3,500.
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