Chimara Bygold
THE Central Bank of Nigeria (CBN) has reiterated commitment to ensuring that Nigeria returns to employment-led growth anchored on productivity and rewarding producers of local goods, services, innovation and new technologies.
The bank made this fresh commitment on Thursday during the CBN Special Day at the ongoing 2021 Lagos International Trade Fair with the theme: “Connecting Businesses, Creating Value.”
Join our WhatsApp ChannelSpeaking at the occasion. Director Corporate Communications Department, CBN, Mr. Osita Nwanisobi, said that the CBN found the theme of this year’s Fair very apt because it aligned with the its strategic focus of consistently creating enabling policies that would make business enterprises to grow and contribute to sustainable economic development, while creating the much-needed jobs essential for improving social inclusion
He further said: “At the CBN, we continue to demonstrate passionate commitment to support businesses to enable them create the desired economic and social value.
“Over the years, the Bank has played a leading role in the efforts of the Federal Government to create a more business friendly environment through vanous poles such as the Secured Transactions in Movable Assets Act (National Collateral Registry Act) and the Credit Reporting Act.”
According to him, the key objective of these Acts, which were championed by the CBN is to ensure that Nigenens, especially small business owners, have easy access to credit facilities from banks and other financial institutions, using movable assets.
The Bank, he stated, has also intervened in the health sector through Healthcare Sector Intervention Facility (HSIF) and Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS).
It will equally be recalled that the CBN, in a bold move to shield the economy from shocks also approved the regulatory forbearance to banks to restructure their loans to sectors affected by the pandemic, just as it provided liquidity support to banks.
“It is noteworthy that through the leadership of the CBN, the private sector mobilised over N40 billion under the Coalition Against Covid-19 (CACOVID) to provide direct support to Nigerians during the pandemic.
“The CBN has also lined up some long term policies to mitigate the impact of Covid-19 on the economy which include the establishment of InfraCo Plc to address the funding challenges in financing the development of critical infrastructures; the CBN Centre for Economics & Finance; and Nigeria International Financial Centre (NIFC),” Nwanisobi said.
He also said In the Bank has deployed creative responses to the challenges faced by small businesses in accessing foreign exchange required for their operations such as the SME Window and the Investors & Exporters Window.
“As the Governor had severally noted, Nigeria must return to an employment led growth anchored on productivity and rewarding producers of local goods, services, innovation and new technologies; particularly on commodities we have comparative advantage.
“As part of further stimulating the economy, the CBN has announced a new financial instrument titled ‘The 100 for 100 PPP – Policy on Production and Productivity’.
Under this policy, the Bank said it will advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days, rolling over every 100 days with a new set of 100 companies whose names will be published in national dailies for Nigerians to verify and confirm.
