46 Years of CBN Intervention

Taraba State

INTERVENTION: AgSMEIS

SECTOR: SMEs LOCATION: Taraba

Shalong Global Investment is a fashion designing enterprise that produces customized items such as handkerchief, boxer shorts, and designer clothes. The project is located at Jalingo, Taraba State, and managed by Alobo Jolly.

The company accessed the Agribusiness Small and Medium Enterprises Investment Scheme (AgSMEIS) loan. The facility enabled the business to procure advanced sewing machines to expand production and distribution to other states in Nigeria. Due to the increased production, seven more staff were employed to upscale the operation of the business.

NAME: Mahmud Jimada

INTERVENTION: TCF

SECTOR: SMEs LOCATION: Taraba

Mahmud Jimada is the proprietor of Smartphones Hub, a business that is engaged in the sale of phones, laptops and accessories. The company is located at Jalingo Shopping Complex, Taraba State. During the Covid-19 pandemic, the business suffered a setback due to the lockdown. Mahmud Jimada learnt about the Targeted Credit Finance (TCF) on Twitter and applied for the facility. The loan enabled him re-stock his shop after the lockdown.

Mr. Mahmud expressed his gratitude to CBN for the support in resuscitating his business after the negative impact of the Covid-19 pandemic.

NAME: Muphido Rice Milling Company Ltd

INTERVENTION: Anchor Borrowers’ Programme

SECTOR: Agriculture LOCATION: Taraba

Muphido Rice Milling Company Ltd is located in Jalingo, Taraba State, and was established by Muhammad Madu Mustapha for the purpose of rice production, processing, and packaging. It is one of the leading producers of rice in Taraba State and has the capacity to process 30 tons of paddy per day.

The company accessed a loan through the Anchor Borrowers Programme, an intervention of the Central Bank of Nigeria with a single-digit interest rate, which was established for the purpose of boosting the agricultural sector of the economy and is designed to create an economic linkage between smallholder famers and agroprocessors/anchors. The programme adopts a value chain approach that links input to production to processing and to the market.

The facility enabled the company to expand its operations and production by employing twenty additional staff, acquiring milling equipment and other inputs, which has increased its processing capacity to 80 tons of paddy per day.

Former president of the Fashion Designers Association of Nigeria (FADAN), Funmi Ajila-Ladipo started out when fashion wasn't quite as lucrative and recognised as it is today. Nevertheless, the story of Nigeria's fashion industry isn't complete without mentioning her contribution to its growth. In this interview with IVORY UKONU, she speaks on turning 60 and some of life's lessons that have shaped her to be who she is. Excerpts: