Rivers State access over N13 billion from CBN’s intervention programmes

Rivers State access over N13 billion from CBN's intervention programmes

Rivers State has accessed over N13 billion from the Central Bank of Nigeria’s various intervention initiatives.

This was disclosed by the CBN Governor, Godwin Emefiele, via the apex bank’s Twitter handle on Friday, at the launch of Rivers Cassava Processing Company.

Emefiele disclosed that with the huge fund accessed by the state, her loan status has remained in good standing.

He lauded the efforts made by the Rivers State Government, working with Shell Petroleum Development Corporation, the Dutch Embassy Investment Nigeria Limited and their technical partners, in setting up the integrated facility.

What CBN is saying

He tweeted, “Rivers State has accessed over N13 billion from our various intervention programs and their loan status remains in good standing.

The cassava processing facility helps to support the CBN’s mandate of promoting economic growth for Nigeria. It will also provide farmers with a verifiable platform to access finance from the Central Bank of Nigeria and other financial institutions through our Anchor Borrowers Program.”

With the capacity to process over 45,000 tons of cassava, he added that the facility will provide high-quality cassava flour for households, industries and bakeries.

“Developmental finance initiatives at the CBN is focused on creating an enabling environment that will drive both public and private sectors participation in the real sector with strategic deliverables around price stability, job creation, financial inclusion, import substitution and accretion to foreign reserve.

The CBN remains committed to working with the state governments in supporting smallholder farmers and processors across various commodities such as cassava, palm oil and fisheries,” Emefiele added.

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