Total credit from the banking sector to the economy rose to N24.23 trillion as of the end of May.
Aggregate credit at end-May 2021 stood at N24.23 trillion, compared with N22.68 trillion at end-December 2020. This represents a year-to date increase of N1.55 trillion.
The CBN Governor, Mr Godwin Emefiele said on Tuesday while
speaking at the end of the two-day meeting of the Monetary Policy Committee in Abuja.
According to him, under the bank’s development finance initiatives, it granted N756.51 billion to 3,734,938 smallholder farmers cultivating 4.6 million hectares of land, of which N120.24bn was extended for the 2021 wet season to 627,051 farmers for 847,484 hectares of land, under the Anchor Borrowers’ Programme.
He said for the Agribusiness/Small and Medium Enterprise Investment Scheme, N121.57 billion was disbursed to 32,617 beneficiaries.
Emefiele added that for the Targeted Credit Facility, N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium-scale Enterprises.
He said under the National Youth Investment Fund, the bank released N3bn to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs.