The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele,has reiterated the bank’s commitment to ensuring stability of the financial system as well as improving access to credit for Nigerians.
In a statement at the 2022 retreat of the Development Finance Department of the CBN, Emefiele said improving access to credit for Micro, Small and Medium Enterprises (MSMEs) has deepened support to the real sector and build a robust system infrastructure.
While acknowledging that the Apex Bank has intervened beyond its traditional macroeconomic mandate, the CBN Governor noted that it has helped to stabilise the economy and maintain a strong foreign reserves.
“It is clear in my mind that posterity will judge us for all actions taken to bridge the gaps through our interventions.
“Those interventions are hinged at supporting economic activities, speeding up diversification of the production base and enabling infrastructural development in Nigeria,” he said.
Jigawa State Governor Muhammed Badaru, said with the support of the CBN, the state’s Gross Domestic Product (GDP) has grown to N2.25 trillion as at last year.
While thanking the Apex Bank for its support, Badaru said the proofs are there for all to see.
“In Jigawa, with the support of the CBN, we have been able to move rice production from 92, 000 metric tonnes per annum in 2015 to 1,050,000 metric tonnes per annum in 2021.
“We were able to move rice processing factories from one to seven, and thousands of rice mills.
“And, together with other policies, we were able to move our Gross Domestic Product (GDP) from one trillion Naira in 2015 to N2.25trillion in 2021,” he said.
Director, Development Finance Department, Yusuf Yila, said various interventions in the agricultural sector has helped to address food insecurity in the country and saved Nigeria the much needed foreign exchange.
According to him, food security in Nigeria has received a massive boost in the last 5 years since the CBN intervened in the sector to ensure over reliance on imported goods.
He added that the task of enabling food security, stimulating finance to the real sector and catalysing inclusive economic growth required serious efforts.
“We have transverse the length and breadth of Nigeria empowering farmers and MSMEs in access to Finance and agric business and also using target credit facilities. It became a comfort for households especially during the Covid-19.
“Tertiary institutions were not also left out as we introduced the tertiary institutions entrepreneurship skills programme for students to have skillful employment and all students have accessed credit through the bank of industry.
“To ensure that the financial sector lends to the risk sector, we have also been at the forefront of ensuring banks reach the cash reserve requirement to enable liquidity for financing priority target projects for economic expansions which have yielded fruits.
