CBN Gets Buhari’s Approval For The Establishment Of Infrastructure Company, To Improve Access To Finance For Nigerians
President Muhammadu Buhari has approved the establishment of a Central Bank of Nigeria, CBN, led Infrastructure Company, in partnership with the Africa Finance Corporation and the Nigerian Sovereign Investment Authority in order to improve access to finance for Nigerians.
In a statement by the CBN on its twitter handle on Tuesday, it revealed that the Infrastructure Company would enable the use of private and public capital to support infrastructure investments that will have a multiplier effect on growth across critical sectors.
According to the Apex bank, it is seeking to leverage Information Communication Technology, ICT, in order to improve access to finance for Nigerians.
It said, “Improved access to finance through deployment of an inclusive and interoperable payment system would help to reduce the cost of payment services for individuals.
“It is important that we leverage ICT as an enabler for growth in key sectors of the economy. ICT start-ups are emerging to support SMEs, farmers, and in providing quality learning to students affected by the shutdown in schools.
“It is imperative from an economic as well as a security perspective, that our banking and financial system works to support growth in sectors that have significant growth potential, and can enhance the resilience of the Nigerian economy, in the face of external shocks.
“Over the next four years, the banking sector should consider ways under which it could increase its loans to the agriculture sector from 4 percent to 10 percent by 2024.
“With declining foreign exchange earnings from crude oil, banks should consider supporting agro processing companies that are export oriented.