Governor of Nigeria’s Apex Bank, Godwin Emefiele has revealed that that the Central Bank of Nigeria (CBN) will increase access to loans for Nigerian small and medium-sized enterprises (SMEs) in 2022.
At an event in Lagos Godwin Emefiele stated that it was necessary for stakeholders to strive in order to build a stronger economy able to withstand external shocks, and capable of simultaneously fostering growth and wealth creation in the key sectors of the economy.
“The policy focus of the bank for 2022 is with a pledge to sustain access to finance and credit for households and businesses, mobilize investment to boost domestic productivity, enable faster growth of non-oil exports, and support employment generating activities,” said the CBN governor.
Emefiele stated that amongst the many lessons learnt from the outbreak COVID-19 was the importance of a diversified economic base for Nigeria. He stated that conscious steps need to be taken to achieve this very necessary goal.
He said that the country needs do everything in its power to effectively decrease its dependence on the importation of products.
“Proactive steps on the part of the 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.”
While on the topic of the importance of creating an ecosystem with efficient infrastructure in Nigeria, and the necessity of an improved infrastructure in the goal of developing the economy of Nigeria, Emefiele disclosed that all approvals necessary for the infrastructure Corporation to launch its operations in the early part of the year had already been obtained.
He had earlier stated that the Federal Government would begin tolling the Lagos-Ibadan expressway, the Abuja Kano road, as well as the second Niger Bridge to repay loans used to fund those projects.
According to the reports from The Journal, the deputy governor of the Central Bank of Nigeria stated the economy of Nigeria is still delicate despite GDP growth, and stated that it was still necessary for Nigerian economic policies to actively support economic growth in the country.
In another report by The Journal, the World Bank has expressed concerns over the adverse effects inflation will have on the Nigerian economy in the year 2022. The need therefore for diversification, economic growth and development in infrastructure is now as pertinent as it has ever been.
