CBN Promises to Increase Access to Finance and Credit For Households, Businesses In 2022

CBN Promises to Increase Access to Finance and Credit For Households, Businesses In 2022

  • The Central bank of Nigeria has told Nigerians and business to expect more loans and finances in 2022
  • According to the Central Bank of Nigeria this will help in its efforts to build an inclusive economy
  • CBN in 2020 released over N3 trillion to farmers, households and to other sectors in the economy

The Central Bank of Nigeria has said that the banking sector will increase access to loans for Nigerian households and businesses in 2022.

This was disclosed by Governor of the Central Bank of Nigeria, Godwin Emefiele, at a recent event in Lagos, the cable reports.

He stressed the need for all stakeholders to work to build a more resilient economy that would be better able to contain external shocks while supporting growth and wealth creation in key sectors of the economy.

Read also

President Buhari sends new year message to Nigerian manufacturers amid plan to increase prices in 2022

CBN promises to increase access to finance and credit for households, businesses in 2022
Emefiele hands over a cheque of N5 million to a youth Credit: CBN
Source: Facebook

What is CBN Governor saying

Godwin Emefiele stated that the objective of the central bank in 2022 would be to increase access to loans for households.

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

He said,

“The policy focus of the bank for 2022 is with a pledge to sustain improved access to finance and credit for households and businesses, mobilise investment to boost domestic productivity, enable faster growth of non-oil exports, and support employment generating activities.”

Emefiele stated that one of the vital lessons learned from the COVID-19 outbreak was the need to make conscious measures to diversify Nigeria’s economic base.

Emefiele stated that the country must do all necessary to decrease the country’s imports of products.

He added:

“Proactive steps on the part of stakeholders in the private sector, in collaboration with the government in supporting the growth of sectors such as manufacturing, ICT, and infrastructure, will strengthen our ability to deal with the challenges of COVID-19, and stimulate further growth of our economy"

Read also

A great legacy and the NYSC trust fund by Gabriel Agibi

Other plans for 2022

Speaking about the importance of creating an efficient infrastructure ecosystem in Nigeria and the importance of improved infrastructure in the development of the Nigerian economy, Emefiele revealed that all necessary approvals had been obtained for the Infrastructure Corporation to begin operations in early 2022.

CBN releases selection criteria for participation in 100 for 100 Policy

Meanwhile, had earlier reported that the Central Bank of Nigeria on Sunday, unveiled the selection process of its newly introduced financial tool.

The 100 for 100 PPP The bank made this official in a notice issued and signed by the development finance department.

CBN explained further that the selection would be rated on the immediate impact the participating companies has on various sectors of the economy.


Online view pixel