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2022: CBN Promise To Improve Access To Finance, Credit For Households, SMEs


CBN Issues Fresh Directive To Banks Amid Controversies On Naira Policy

The Central Bank of Nigeria, CBN, has revealed that part of its focus for the year 2022 is to ensure households and small scale businesses get adequate access to funds.

This according to the apex bank would encourage and boost domestic productivity, enable faster growth of non-oil exports, and support employment generating activities in the nation.

Naija News reports that the CBN governor, Godwin Emefiele, said this at an event held recently in Lagos.

Stressing the importance of improving access to finance and credit for households, small and medium-sized enterprises (SMEs) in 2022, Emefiele also noted that there is a need for all stakeholders to join in building a more resilient economy that would contain external shocks while supporting growth and wealth creation in key sectors of the economy.

The CBN governor 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.”

Recounting the emergence and impact of the COVID-19 pandemic in the country, Emefiele said the trouble brought about by the dreaded disease calls for conscious measures to diversify Nigeria’s economic base.

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.”

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

Meanwhile, Nigeria’s Minister of Finance, Zainab Ahmed has said earlier that the country’s economy has been growing consistently.

Naija News recalls that Ahmed stated this while speaking to State House correspondents after the Federal Executive Council (FEC) meeting held at the Aso Rock Villa in November 2021.

Ahmed said during the meeting presided over by President Muhammadu Buhari, that an analysis of the third-quarter gross domestic product (GDP) report for 2021 shows an improvement of the economy and an emergence from the recession witnessed in 2020.

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However, when questioned by newsmen on why Nigerians are yet to feel the impact of the growing economy amidst the rising prices of items in the country, Ahmed said it is because the economic growth is yet to surpass the population growth rate.