CBN Vows To Improve Credit For Households, SMEs In 2022

The Central Bank of Nigeria (CBN) has disclosed that it will improve access to finance and credit for households, small and medium-sized enterprises (SMEs) in 2022.

Godwin Emefiele, CBN governor, made this known at an event held recently in Lagos.

Emefiele emphasised the need for all stakeholders to build a more resilient economy that would contain external shocks while supporting growth and wealth creation in key sectors of the economy.

“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 said.

The CBN governor 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.

He said the country must do all necessary to decrease the importation of goods.

“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,” he added.

Speaking about the importance of creating an efficient infrastructure ecosystem in Nigeria, he disclosed that all necessary approvals had been obtained for the Infrastructure Corporation of Nigeria (InfraCo) to begin operations in early 2022.