Anambra economic devp model best in 2020 – CBN

CENTRAL Bank of Nigeria (CBN) says Anambra State came top in implementation of its Commercial Agriculture Credit Scheme (CACS) and Accelerated Agricultural Development Scheme (AADS) in 2020. This development makes the state’s economic model the best in the federation for the year.

  Branch Controller of CBN in Anambra, Benedict Maduagwu, said this at the two-day currency fair held in Awka, yesterday.

  Explaining that the feat earned the state a strategic partnership with CBN that may worth about N3.5 billion to be disbursed to farmers, Maduagwu said the facility would accrue under CACS’s N2 billion and another N1.5 billion from AADS during the agricultural year.

  According to him, the deal was also made possible because the state participated actively in CBN interventions and translated to higher productivity and prosperity for beneficiaries as well as helping to prevent recession.

  “I am glad to inform you that CBN rated Anambra’s economic development model first and best among other states in the federation in 2020. This was possible because Anambra State had been participating actively in CBN intervention programmes. In 2020, the Anambra State Government accessed N2 billion and N1.5 billion under the CBN Commercial Agriculture Credit Scheme (CACS) and Accelerated Agricultural Development Scheme (AADS), respectively. The funds will stimulate the agricultural value chain, which is one of the core pillars of the administration of Governor Willie Obiano.

This will also bring boom in both agricultural and commercial activities in Anambra. CBN Initiatives has largely contributed to the feat that resulted in turning the fortunes of the economy from negative to positive economic growth, thereby ending the recession. The two-day CBN Fair Enlightenment Campaign has the objective of enlightening the general public on the bank’s various initiatives geared towards strengthening and promoting macroeconomic stability,” he said.

  Further explaining that the campaign was part of efforts to effectively communicate the policies of CBN to micro economic players, Maduagwu noted they include manufacturers, traders, farmers, artisans as well as financial institutions and religious organisations for overall macroeconomic stability.

  “The sensitisation is anchored on the pursuit of sound macroeconomic policies that will ensure economic development. Successful pursuit of these goals requires policies that will promote openness in trade, efficient financial system and increase capital flows. In this regard, the need to communicate and obtain feedback from the public is instrumental for the formulation of people oriented policies and schemes,” he said.

  Maduagwu also called on ndi Anambra to embrace various financing windows of CBN as a way of continuing to key into Gov. Willie’s Obiedo’s economic and social development agenda.