CBN INTERVENTION IN ZAMFARA STATE
Introduction
The real-sector development initiative of the Central Bank of Nigeria (CBN) was introduced to stimulate and sustain growth in key sectors of the economy, revive moribund industries, empower the youth population, explore the untapped potentials in various economic landscapes and enhance foreign exchange inflow.
These initiatives have significantly contributed to the overall growth of the Nigerian economy. From the provision of loans at concessionary rates to cushioning the adverse 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.
To show its unwavering commitment towards poverty alleviation, job and wealth creation and to bring sustainable development, the Central Bank of Nigeria has provided funds for affordable loans to individuals and businesses in Zamfara State and has financed 55,250 projects so far.
Below are testimonials from some beneficiaries.
Name: Magaji Memorial Farms
Intervention: Commercial Agriculrtural Credit Scheme (CACS)
Sector: Agriculture
Magaji Memorial Farms is located in Rawayya village, along Gusau-Kaura Namado road, Zamfara State. Prior to accessing a loan facility under the Commercial Agricultural Credit Scheme (CACS), the farm had 35,000 birds and 320 units of battery cages. It also had 41 staff, comprised of eight poultry specialists and 33 farm assistants.
Accessing the funds enabled the farm to acquire an additional 23,000 birds and 180 battery cages. The loan brought about an expansion of farm, which spurred an increase in daily production capacity from 1,000 to 2,000 crates of eggs and a concurrent increase in staff strength from 41 to 66.
With the CBN’s intervention, Magaji Memorial Farms has become better equipped to cater for the poultry needs of Rawayya and neighbouring villages, while improving the livelihoods of the community members through provision of employment.
Name: Hajiya Sa’adiya Royal Standard
Intervention: Agri-Business Small And Medium Enterprise Investment Scheme (AGSMEIS)
Sector: MSME
The Central Bank of Nigeria prioritizes access to credit facilities to womenfolk, to engender female participation in the MSMEs.
Hajiya Sa’adiya Kabiru Dankande, the creative mind behind Royal Standard Tailoring, accessed a credit facility under the CBN Agri-business Small and Medium Enterprises Investment Scheme. The funds she accessed enabled her to procure tailoring equipment, including two industrial and six non-industrial sewing machines, two phoenix embroidery machines, a weaving machine and a stoning machine.
The upgrade, enabled by the CBN-AgSMEIS loan, increased the capacity of the business and necessitated the employment of 7 additional staff. A part of the loan was used to set up Royal Standard Tailoring Training School, where young girls in the community are taught skills required to succeed as fashion designers.
Consequent upon the intervention of the CBN, the idea of Royal Standard Tailoring was realized on a scale that ensured skill acquisition and business and wealth creation.
Name: Nuhu Ibrahim Inuwa
Intervention: Agri-Business Small And Medium Enterprise Investment Scheme (AGSMEIS)
Sector: MSME
Mr. Nuhu Ibrahim has his poultry farm located at Samaru area of Gusau in Zamfara State. He accessed the Agri-business Small and Medium Enterprise Investment Scheme loan, which enabled him to purchase 900 birds and 10 battery cages, resulting in a daily output of 21 crates of egg. To meet up with the demands of business, Mr. Nuhu increased his staffing from two to eight.
Mr. Nuhu attributes the success of his business to the intervention of the Central Bank of Nigeria.
Name: Tukur Sulaiman (YK Tech Computers) Intervention: Targeted Credit Facility (TCF)
Sector: MSME
The Central Bank of Nigeria introduced the Targeted Credit Facility (TCF) as a channel to provide concessionary loans to cushion the effect of the COVID-19 pandemic on households and businesses. YK Tech Computers, a small information and technology outlet, owned by Mr. Tukur Sulaiman, all but collapsed at the onset of the COVID-19 pandemic.
By accessing the Targeted Credit Facility, Mr. Tukur expanded his business by opening shops at two new locations. He also increased the number of computers in his shops from two to seven; and purchased two mobile devices for NIMC and BVN enrolment.
Mr. Tukur stated that he accessed the loan purely on merit and without any “connections”, declaring that the loan was extremely helpful as the funds came at a period it was most needed.
