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About N531.4bn of the Central Bank of Nigeria intervention funds remains unused in the coffers of nine Deposit Money Banks in the country, findings by The PUNCH have shown.
Additionally, the country also extracts tin ore and coal for domestic use. Nigeria’s other natural resources include iron ore, limestone, niobium, lead, zinc, and arable land. On the flip side, there are no corresponding effects of the resources in the affairs of the citizens. Amid this plenty, unemployment is rising, hunger is on the increase, and frustration and crime are also on the rise.
The Central Bank of Nigeria has suspended new applications of loans under the CBN development finance intervention funds programme, Access Bank Plc confirmed in a memo on Monday to its customers. The CBN existing development finance intervention funds program include Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), Agri-Business/SME Investment Scheme (AGSMEIS), Real Sector Support Fund (RSSF), amongst others.
Despite spending billions of Naira through the Central Bank of Nigeria (CBN) Anchor Borrowers Program (ABP), a report released by Economic Research
Ken Aghoghovbia, deputy managing director (DMD) of the African Reinsurance Corporation (Africa Re), says the non-renewal of the federal government’s anchor borrowers programme (ABP) is responsible for the poor performance of the agriculture insurance sector.