CBN reveals its policy focus for 2022

The Central Bank of Nigeria (CBN) has assured that it will improve access to finance and credit for households, small and medium-sized enterprises (SMEs) in 2022.

Godwin Emefiele, CBN governor, said this at an event held recently in Lagos, while urging all stakeholders to build a more resilient economy that will contain external shocks as well as supporting growth and wealth creation in key sectors of the economy.

Emefiele 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.”

The CBN governor disclosed that one of the vital lessons learned from the COVID-19 outbreak was the need to make conscious measures to diversify Nigeria’s economic base.

He cautioned that the country must do all that is necessary to decrease the importation of goods.

The CBN boss added that “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.”

Commenting on the importance of creating an efficient infrastructure ecosystem in Nigeria, he stressed that all necessary approvals had been obtained for the Infrastructure Corporation of Nigeria (InfraCo) to begin operations in early 2022.

Emefiele said recently that the Federal Government would toll the Lagos-Ibadan expressway, Abuja-Kano road, and the second Niger Bridge to repay loans used to fund the project.