7m Jobs Created Through Intervention Scheme–CBN

By Ikenga Chronicles November 10, 2017

7m Jobs Created Through Intervention Scheme–CBN

The Central Bank of Nigeria(CBN)has disclosed that it created about seven million jobs through different intervention schemes.

Acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, disclosed this yesterday during the “CBN Special Day” held at the ongoing Lagos International Trade Fair in Lagos.

In his analysis, he stated that as at last August, the CBN’s Agriculture Credit Guarantee Scheme Fund(ACGSF), created 5,045,900 jobs since its inception three decades ago even as the Commercial Agriculture Credit Scheme (CACS) launched in 2009 created 1,134,772 jobs.

Okoroafor added that the bank’s N200billion SME restructuring and refinancing facility has generated 89,860 jobs since its launch seven years ago.

Other intervention funds and the number of jobs they have created,as listed by Mr. Okorafor, include: 78,990 direct jobs and 14,304 indirect jobs created by the N300billion Power and Airline Intervention Fund (PAIF); the 139,156 jobs generated by the Micro, Small and Medium Enterprises Development Fund (MSMEDF) and the 653,250 direct jobs and the “countless indirect jobs,” created by the Anchor Borrowers‘ Programme (ABP).

Giving details on the ABP, Okorafor stated: “A total sum of N44.18billion has been released through its 13 Participating Financial Institutions (PFIs) in respect of 200,000 smallholder farmers across 29 states in Nigeria cultivating over 234,581 hectares of farmland.”

He explained that rather than focusing exclusively on its core mandate of making monetary policy and supervising the banks, the regulator persisted with intervention schemes due to the fact that monetary policy alone will not address other challenges in the country’s economy.

Okorafor reiterated that the CBN’s policy of excluding 41 items from accessing Forex from the official window, which initially “raised eyebrows”, had impacted the economy positively.

He said: “The policy was meant to assist the local manufacturers expand their businesses considering the huge market advantage in Nigeria. It has boosted the local production of the items on the list… created domestic demand for the items concerned, substantially conserved forex, improved domestic capacity to produce the listed items and boosted employment generation.”