Real Sector Interventions: CBN Creates 7.1m Jobs

BY CHINYERE OBIORA, LAGOS – The Central Bank of Nigeria (CBN) said its numerous interventions in the real sector have created over 7.086 million direct jobs as at August this year.

The apex bank also unveiled plans to increase its reach to farmers from 200,000 to 500,000 through the Anchor Borrowers Programme (ABP).

According to the Bank, the job creation efforts have gone beyond working with only state governments to private initiatives, stating that its partnership with the Rice Farmers Association of Nigeria (RIFAN) will mobilise about 300,000 rice farmers to add at least two million metric tonnes of rice to the annual national output.

Speaking at CBN Day in the on-going Lagos International Trade Fair, the apex bank Acting Director, Corporate Communications Department, Isaac Okoroafor, said different sectoral interventions in the economy were based on the realisation that its monetary policies will not achieve the required positive impact if some critical sectors are not accommodated in the scheme.

He said there would have been no Nigerian airline flying the skies if not for the N300 billion Power and Airline Intervention Fund (PAIF) which has created 7,899 direct jobs and 14,304 indirect jobs.

Okoroafor noted that CBN’s interventions in the agricultural sector through the Anchor Borrowers Programme; N300 billion Commercial Agricultural Credit Scheme (CACS); and the Agricultural Credit Guarantee Scheme Fund (ACGSF) has seen over 6.833 million direct jobs created.

The CBN spokesman also said the interventions in the agricultural sector is almost making the country self-sufficient in rice production with rice exportation expected to commence soon.  

On its intervention in the power sector, which he said is critical to make the economy work, Okoroafor said the apex bank is collaborating on the required scale with the federal government to ensure effective service delivery in the sector.

According to him, CBN’s involvement through the Nigeria Electricity Market Stabilisation Fund (NEMSF), has resulted in 1,180mw capacity recovery by power generating companies (GENCOs) with over 414,000 units of meters already procured. 

On job creation, Okoroafor stated that; “We are equally working with the Federal Ministry of Agriculture and Rural Development to establish the Accelerated Agricultural Development, which aims at the pilot stage, to create at least 10,000 jobs in each state of the federation.

“In order to provide access to finance for MSMEs, we have also facilitated the establishment of the National Collateral Registry (NCR) to ensure that MSMEs and millions of budding entrepreneurs across our country can use their moveable assets to raise finance.”

Speaking at the occasion, Vice President, Lagos Chamber of Commerce and Industry (LCCI) Babatunde Oluwase lauded the CBN and Federal Government for initiating and approving the Collateral Registry Act as well as the Credit Registry Act meant to assist small businesses in accessing credit.