45 Years Of CBN Intervention45 Years Of CBN Intervention: Osun State

45 Years Of CBN Intervention: Osun State

The Agri-Business Small And Medium Enterprises Investment Scheme (AGSMEIS)

Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) was established to support the Federal Government’s efforts at promoting agricultural business /small and medium enterprises (SMEs) as a vehicle for sustainable economic development and employment generation

Name: Akande Samuel Oluwaseun
Intervention: AGSMEIS
Sector: Agriculture
Location: Osun State

Akande Samuel Oluwaseun is a greenhouse farmer in Ikirun Osun State. He heard of the intervention from a neighbor, applied and benefited from the AgSMEIS loan in 2020. With the help of the CBN loan, he was able to expand his business. From an initial one green house, he was able to build more green houses and to employ more members of staff, and this which resulted in increased income and a better life.

Targeted Credit Facility (TCF)

In response to the COVID-19 pandemic, the Central Bank of Nigeria granted loans to households and small businesses to cushion the effects of the pandemic across the country. The Targeted Credit Facility (TCF) supports households and small businesses affected by the COVID-19 pandemic.

Name: Sikiru Iyiola Akinola
Intervention: Targeted Credit Facility
Sector: SME

Mr. Sikiru Iyiola Akinola, a native of Osun State is one of the beneficiaries of the TCF intervention in Osun State. He is the owner of a block industry in Kobaope along Ilesha road where he makes and supplies building blocks and well rings, as well as sand for builders.

He heard about the CBN intervention and asked his son to help him apply. His application was approved, and he was credited in 2020. Prior to accessing the loan, his business had suffered a major setback due to the COVID-19 lockdown, as there were no jobs nor requests and all income received from clients were exhausted.

With the help of the loan, they were able to call back their workers who were sent away due to lack of funds to pay their wages. They were also able to employ more workers and even repair their company vehicles used in the delivery of building blocks and other orders

Commercial Agriculture Credit Scheme (CACS)

As part of its developmental role, the Central Bank of Nigeria (CBN) established the Commercial Agriculture Credit Scheme (CACS) to support commercial agricultural enterprises in Nigeria. The scheme is aimed at fast-tracking development in the agricultural sector and promoting food security through affordable credit facilities to commercial agricultural enterprises in the country.

Improved funding of the Agricultural sector will Increase output and foreign exchange earnings, generate employment, diversify the revenue base, and provide input for the industrial sector on a sustainable basis. Several projects with a high impact on the economy have been funded under the scheme. Some of the projects financed in Ekiti and Osun States are highlighted below

Project Name: Stanza Farms
Intervention: CACS
Sector: Agriculture

Stanza Farms is a livestock and agro allied company located in Iwo, Osun state. The company aims to produce high quality foods by maintaining innovative and sustainable farming operations which include poultry, aquaculture, hatchery and commercial feed milling.

The company accessed CACS to finance the additional state of the art facilities spread over 150 hectares, for poultry farming, hatcheries and catfish production.

Since accessing the loan, the company has doubled production and increased the size of its workforce.

Project Name: Nigerian Machinery Tools Ltd
Intervention: RSSF-DCRR
Sector: Manufacturing

Nigeria Machine Tools (NMT) is Nigeria’s first internationally certified producer of Oil industry standard Stud Bolts, Nuts and Flanges. In addition, the company produces customized castings for various industries including construction, cement, oil and gas, and manufacturing.

The company has built a reputation in providing quality products and services which have earned it a massive clientele list such as Dangote Cement, MTN, Julius Berger, Chevron and others.

The company accessed the intervention to part-finance the purchase of machinery in support of the modernization and mechanization of existing ballistic vest, machine tool factories and foundries.

 

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