The development initiatives of the Central Bank of Nigeria (CBN) was introduced to stimulate and sustain growth in key sectors of the economy, revive moribund projects, empower the youth population, explore the untapped potential in the 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 cushioning the dastardly 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.
The CBN undertakes these developmental functions to facilitate a seamless attainment of its objectives.
AKWA IBOM STATE
Located in Southern Nigeria, Akwa Ibom state is home to vibrant and industrious Nigerians who are predominantly civil servants. The main economic activities in the region include fishing (for riverine and coastal dwellers), farming (mostly for upland dwellers), trading, and artisanship.
To support the economic activities in the state, the CBN has financed approximately 22,585 projects which has had a direct impact on poverty reduction, job creation and improved standards of living.
Name: Wilson Aniekan Mfon Intervention: Targeted Credit Facility
Sector: SME (Fashion and Design) Location:
Wilson Aniekan Mfon is a young Nigerian fashion designer. He has always been passionate about creating uniquely designed pieces for his clients but was constrained by finance. He accessed a loan through the Central Bank of Nigeria’s Targeted Credit Facility, which he utilized in acquiring more sewing machines. This enabled him increase the number of tailors employed by him. Upscaling his business has enabled him meet clients demands and take up more share of the available market. According to him, accessing the loan empowered him to add the production of children’s apparel to the adult line.
Mr Wilson Mfon is grateful to the Central Bank of Nigeria for the opportunity the Targeted Credit Facility has afforded him to expand his business.
Name: David Daniel Inuayen
Intervention: Agribusiness Small & Medium Enterprise Investment Scheme (AGSMEIS)
Sector: SME
Location: Nwaiba Road Uyo
Mr. David Daniel Inuayen owns an enterprise which deals in the processing and packaging of table water. He accessed a facility under the Central Bank of Nigeria’s Agribusiness Small & Medium Enterprise Investment Scheme (AGSMEIS).
The facility has greatly boosted the company’s working capital, enabling the company to expand and employ more workers. He has acquired a larger shop with enough space for storage. His output has increased tremendously. He is excited about the opportunity afforded him by the loan and appreciates the Bankers committee and CBN.
Name: Premier Medical Services
Intervention: Health Sector Intervention Fund Facility (HSIF)
Sector: Health
Location: No 3, High Tension Lane, Uyo, Akwa Ibom
Premier Medical Services Hospital is a medical establishment whose objective is ensuring its clients have access to qualitative and affordable healthcare without having to leave the shores of the country. This objective has come closer to being attained through the facility they were able to access under the Central Bank of Nigeria’s Health sector Intervention Fund (HSIF).
Accessing the facility, has enabled the hospital to procure (3) units of dialysis machines and associated accessories, which has enabled it cater to the needs of its patients requiring kidney dialysis.
A total of 120 medical personnel, including 40 ad-hoc staff, are gainfully employed by the hospital. The immediate community has been positively impacted through employment and direct access to affordable and qualitative healthcare services
CROSS RIVER
Cross River is a coastal state in the Niger Delta Region of Nigeria and is 20,156 Kilometers in size. It is an agrarian state with fishing, oil palm, cocoa, rubber, and cassava being the commodities mostly produced. The state also has a thriving service industry.
The access to affordable finance is a major factor to innovation and development to any economy. In Cross River state, the Central Bank of Nigeria has financed about 22,585 projects, some of which are highlighted below.
Name: Divine Essien Oku
Intervention: Agribusiness Small & Medium Enterprise Investment Scheme (AGSMEIS)
Sector: SME
Location: Ndjahasang St. Off Atimbo Road, Calabar.
Divine Essien Oku, is a young Cross- Riverian whose dream has always been to be self-employed. In pursuit of this dream, he enrolled in a fashion- designing school and excelled in his training. He thereafter set up a shop, where he soon acquired a good number of clients. He accessed the AGSMEIS loan, an intervention of the Central Bank of Nigeria in 2020, and the facility enabled him further actualize his dream. He was able to procure several industrial machines, weaving machines and other equipment required for the business. He was also able to employ additional tailors, acquired more space for his workshop and got a showroom.
Mr. Oku’s enterprise is thriving, and he appreciates the Bankers committee and the CBN for establishing this initiative.
Name: Bakor Medical Center
Intervention: Health Sector Intervention Fund (HSIF)
Sector: Health
Location: By Murtala Mohammed Highway, Calabar, Cross River.
Divine Essien Oku, is a young Cross- Riverian whose dream has always been to be self-employed. In pursuit of this dream, he enrolled in a fashion- designing school and excelled in his training. He thereafter set up a shop, where he soon acquired a good number of clients. He accessed the AGSMEIS loan, an intervention of the Central Bank of Nigeria in 2020, and the facility enabled him further actualize his dream. He was able to procure several industrial machines, weaving machines and other equipment required for the business. He was also able to employ additional tailors, acquired more space for his workshop and got a showroom.
Mr. Oku’s enterprise is thriving, and he appreciates the Bankers committee and the CBN for establishing this initiative.
Name: Arubah Specialist Hospital
Intervention: Health Sector Intervention Fund (HSIF)
Sector: Health
Location: Nsefik Eyo layout, off Marian Road, Calabar, Cross River.
Arubah Specialist Hospital accessed a facility under the Health Sector Intervention Fund. The facility was used for the procurement a 32 slide CT Scan equipment, a generator, dental chair, refurbishment of the dental suite and operating theatre. The hospital employed 14 additional staff as a result of the upgrade of the facility.
The management of the Centre expressed their sincere gratitude to the CBN for the timely intervention in the health sector.
Name: Rose Eyo Ojomu
Intervention: Agribusiness Small &Medium Enterprise Investment Scheme (AGSMEIS)
Sector: SME
Location: Calabar, Cross River
Mrs. Rose Eyo Ojomu is a young hardworking lady with passion for entrepreneurship. After engaging in several business ventures in the past, in 2019 she decided to engage in fruit- juicing. She accessed the AGSMEIS loan shortly after, which enabled her to acquire up-to-date juicing machines, leading to the doubling of her output.
The increased capacity of output enabled Mrs. Ojomu increase her staff strength from 4 to 12.
She is grateful to the Bank for the loan which has helped her add value to family, community and state.
