The Bankers Committee of the Central Bank of Nigeria on Thursday inaugurated a board to facilitate the disbursement of the N26bn equity fund meant for the growth of agriculture and small businesses in the country. The decision was made at the end of the 331st meeting of the committee held at the headquarters of the CBN in Abuja.
The committee in February this year agreed to set up the fund where banks would transfer five per cent of their profits after tax to finance the agricultural sector as well as non-oil exports. Based on the balance sheet size of the banking sector, about N26bn has been pooled into the fund. The decision to set aside the fund was to support the agricultural sector and import substitution policy of the Federal Government. Details about the fund show that it will be used to finance eligible bankable projects that are meant to support export drive of all import substitution products.