May 29, 2022

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CBN BOSS SAID BANKS ROLE IS IMPORTANT TO END RECESSION

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CBN BOSS SAID BANKS ROLE IS IMPORTANT TO END RECESSION



The Central Bank of Nigeria CBN boss says that Bank role is important to end present economic recession. Dr. Godwin Emefiele says this in the Banker’s committee retreat yesterday.

In his speech theme “Economic Recovery: The Role of the Banking Sector.’’ he started that the CBN various intervention policies to Nigerians through the banks. Therefore, enabling banks to be critical for nation development.

CBN boss encouraged banks to come up with various innovative solutions that will play a key role in the development of Nigeria.

He said that the manufacturing and agricultural sectors are two key sectors that can help in economic recovering and provide jobs for the populace. He said that last year, 2015 the Agricultural sector contributed 24.2 percent to GDP.

He said, “In 2015, we launched the Anchor Borrowers Programme as an innovative way of improving access to finance for farmers and manufacturers.

READ ON  Central Bank of Nigeria Communiqué No 110 Held on Monday and Tuesday 21st and 22nd November 2016

“To date, CBN has committed close to N23 billion in the Anchor Borrowers’ Programme with active participation across 14 states of the federation.

“In Kebbi State, over 78,000 smallholder farmers are now cultivating about 100,000 hectares of rice farms.

“Kebbi State is expected to yield over one million metric tonnes of rice this year alone,’’ he said.

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