The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the apex bank and the Bankers’ Committee would commit a minimum of N500 billion in loans to export-oriented firms in a bid to enhance non-oil export earnings.
MR Emefiele, who made this known at a press briefing to close the 2022 Bankers’ Committee Retreat, the meeting was themed increasing productive base of the Nigerian economy and non oil export revenues.
The CBN governor also disclosed that the Bankers’ Committee, in its latest assessment of the works done at the National Theatre, realised that an additional $100 million would be needed to complete the second phase of the project.
The CBN governor noted that the RT200 had in its first-year experienced resounding gains, adding that with the commitment to the export-oriented business, there would even be larger non-oil earnings in the coming years.
The failure of Banks in Nigeria to extend lending to the real Sector especially Agriculture, Small and Medium Scale Businesses and Others have been a source of friction between it and experts who cites this as a major reason why the Nigerian Economy has not experienced real Growth and diversification.
They add that until the Central Bank and Banks in the Country encourage and stimulate lending to the real Sector and encourage diversification, the Economy will only be getting artificial and unsustainable growth.
They also said the lending to the real sector has to be at favourable rates of single digits that will aid growth and longer term tenor.
The decision should also working hand in hand with the determination of the bank to implement the cashless policy aid in enhancing monetary Policy and help curb inflation and capital flight from the Country through diversification and Import substitution.
Though many will still see the money being committed as too little to actually stimulate growth within the real sector, Others will describe it as good place to begin.
