The Governor of the Central Bank of Nigeria , Mr. Godwin Emefiele, has disclosed plans by the apex bank to set up an International Financial Centre at the Eko Atlantic City in Lagos to be operational in the second quarter of 2022.
The CBN governor noted that a key challenge to supporting growth in key sectors of the economy was access to large pools of cheap investment capital, adding that over $100 trillion was being held by institutional investors in Organisation for Economic Co-operation and Development countries. “Third, given population growth at about 2.7 per cent annually, it is important that we continue to deploy measures that will enable our economy to attain annual growth rates of over five per cent.
Commenting on the recently introduced 100 for 100 policy on production and productivity, he reiterated that the programme targets credit of up to N5 billion to be provided to 100 firms every 100 days, provided that the firms are investing in projects that are Greenfield projects. “Let me add that routine audits will be conducted on firms that receive funding, to ensure that they are complying with the terms of the program. We believe this program will significantly help to catalyse growth in critical sectors of our economy while aiding our efforts to create employment opportunities and reduce our dependence on imported goods.
“Notwithstanding these gains, close to 36 per cent of adult Nigerians do not have access to financial services. Improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses.
“With the decline in revenues due to federal and state government as a result of reduced receipts from the sale of crude oil, alternative ways of funding infrastructure are critical if we are to ensure sustained growth of our economy. As we are all aware, the cost of logistics is often seen as a significant impediment to the growth of businesses in the country.
On the outlook for 2022, Emefiele revealed that CBN’s in-house model, after an exhaustive simulation with various oil price possibilities and numerous scenarios of other macroeconomic metrics, indicates a continued and strong rebound of the domestic economy.
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