Central Bank of Nigeria (CBN) has disbursed the sum of N1,452 trillion to 337 large real sector projects in agriculture, manufacturing services and mining, under the Real Sector Support Facility.
This was made known by the Director, Corporate Communications Department, CBN, Osita Nwanisobi, at the CBN Special Day held on Friday at the ongoing Enugu International Trade Fair holding in Enugu.
The Director, who spoke on various interventions of the CBN, said: “On Anchor Borrowers Programme (ABP), the sum of N948 billion has been disbursed to4,478,382 smallholder farmers who cultivated 5.2 million hectres of farmland across the country, thereby, creating over 12.5 million direct and indirect jobs.
“Under our Targetted Credit Facility (TCF), which was meant to cushion the severe effects of Covid-19 pandemic, we have disbursed N368.79 billion to 778,000 beneficiaries comprising 648,052 households and about 130,000 SMEs.
“The bank also recently disbursed N8.50 billion to 6 healthcare projects under the HealthCare Sector Intervention Facility(HSIF), bringing the cumulative disbursements to N116.72 billion for 124 projects comprising 31 pharmaceuticalons , 56 hospitals and 37 other health-related services.
“As part of the effort to further support the resilience of the HealthCare sector, an additional tranche of N14.7 million was disbursed to five researchers under the HealthCare Sector Research and Development (HSRD) Grant “.
He hinted that the continued modernization of their payments system and increasing sophistication of fintech solutions that offer new capabilities to consumers, lend credence to the launch of the Central Bank of Nigeria Digital Currency( CBDC), the eNaira.
“The eNaira is the digital equivalent of the cashNairs, same the slogan, same Naira, more possibilities”.
We believe that the eNaira will improve the availability and usability of Central Bank money support, a resilient payment system, encourage financial inclusion, reduce the cost of processing cash and enable direct welfare disbursements to citizens,he said.
Nwanisobi urged people to “see Naira as one of the critical assets of Nigeria. I enjoin you to respect and kerpit clean Do not spray, hawk, multilate or counterfeit the Naira. On our part,we shall ensure we continue to make clean notes available.
“The Central Bank of Nigeria, under the leadership of Mr. Godwin Emefiele will continue to Bea people-focusex Central Bank promoting confidence in the conomya d enablingan improved standard of living”, he said.
Earlier, the president of Enugu Chamber of Commerce Industry Mines and Agriculture (ECCIMA,), Barrister Jasper Nduagwuike, thanked the CBN for being a worthy partner to ECCIMA . He commended the Bank for its various interventions in providing succour to the people during the COVID-19 pandemic as well as it’s interventions to the financial institutions and other sectors in the country.
Nduagwuike urged the CBN to fight fake Banks to save Nigerians and the Nigerian economy.
Meanwhile, the Standard Organisation of Nigeria (SON), a sole statutory body responsible for regulating the quality of all products in Nigeria, has advised Consumers in the country to report any fake product in the market to any of it’s office.
Director, South East Operations, Fred Akingbesote, gave the advice on Friday, in his speech at the Special Day of the Standard Organisation of Nigeria (SON) at the ongoing 33rd Enugu International trade Fair.
He assured confidentiality and maintained that standard is everybody’s business.
He said that the regulatory body (SON), backed by a law,ACT 14 of 2015, has the mandate to ensure that they “create standards , enhance productivity and encourage people to meet up with quality and we meet our cutomers’ request and satisfaction”
“We do this by visiting the factory where they are manufacturing, especially the SMEs , encourage them and we call it factory inspection. We want to see what you are doing, your factory layout ,your manufacturing and everything that has to do with production. At the end of the day, we will give you a standard. This standard is the requirements which your product must meet.
“For now we have not less than 5000 product standards. Every product has their own requirements, every product has its standard and every standard has its own number. So ,when we come to your facility and you did not meet the standard, we give you a feedback, these are our observations and we think this is how we think you can do it.
“We train people. If there is need for training, we train people. We have laboratories. Our laboratories are satisfied and is acceptable anywhere in the world.
“We want to bring manufacturers to the level that will be acceptable and to add value to their products .”Akingbesote said.
On fake products, he said that any product that is not certified should not go to market. “We make sure that they meet the standard. That’s why we have surveillance.We have the power to arrest, prosecute, even to jail any offender.”, he said.
The Zonal Director described the theme of the Fair,” Opening up Nigerian Business Windows for Competiveness in the Emerging Global Market” as apt.
He said that ‘the World is a very small village. “We cannot afford not to join the band wagon of industrialization and for us to achieve this, the theme “Opening up Nigerian Business Windows for
Competiveness in the Emerging Global Market, is a very timely one , especially with standard harmonization programme currently going on under the African Region for Industrialization .and in accordance with policies
to create a common market for African countries and beyond.
“The impacts of the establishment of AFCFTA which is African Continental Free Trade Area
in connecting business, and creating values cannot be over emphasised and this among other things go into African market.
through exploiting opportunities ,continental markets access and better the allocation of resources.
“Nigerian businesses should take the advantage of maximum oppurtunity of this window opportunity. In this regards, I assure you of our readiness to help you achieve the required standard, the harmonization of standards in which we have in the introduction of AFCFTA.
He explained that AFCFTA would allow African-owned companies to enter new markets , facilitate economic growth, encourage foreign investments, reduce inut cost, increase efficiency and sales , minimise the threats and improve it’s competive advantages
According to him, the focus of AFCFTA is the elimination of tarrif and Non- tarriff barriers among member countries through the provision of single market for hoods and services with the view of deeping the economic integration of continentd ad well as the prosperity of its people
The South East Zonal Director said that “when you meet the standard ,,your product would be accepted. Everywhere in the world, your product would be sought after.”
On SMEs, he said that SON had subsidized their charges to encourage the manufacturers to meet the needed requirements. They include SMEs in all their technical meetings , carry out market surveillance to be sure any product coming into the country meets the Nigerian industrial standards.
Earlier in his welcome address, the president of ECCIMA, Barrister Jasper Nduagwuike noted that a trade Fair in Enugu without SON is incomplete.
” The Standard Organisation of Nigeria is saddled with the onerous responsibility of ensuring that the standard of products are maintained and kept to the international level. The reason for this is to save the masses from substandard goods which otherwise would be dumped on them.
” Since establishment , SON has continued to perform this function , improve on it’s performance and recently has employed innovation and technology to ensure that it continues to carry it’s functions exceptionally.
“Today, the quantity of substandard goods have not only drastically reduced but it’ls certification is displayed with unequalled pride by those who through determination and commitment to due process are privileged to be conferred with it, ” Nduagwuike said.
He however advised SON not to relent in doing the right thing, saying,
“It is worthy of note that should you at any any time rest on your oars, then once more goods that ought not to be consumed will flood the market. Please keep the standard up and stay tenaciously to your commission .
“Standard is everyone’s business and we should help SON to do what they have to do by reporting suspicious firms and products “, he said.
