Banks’ll Increase Credit To Economy in 2022, Says CBN

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The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has said the banking sector will increase access to finance and credit for households in 2022.

 

Emefiele said this recently in Lagos, according to a statement on Thursday.

 

“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,” he said.

 

He noted that the country had been able to contain some of the effects of the COVID-19 pandemic on the economy.

 

He stressed the need for all stakeholders to work to build a more resilient economy that would be better able to contain external shocks, while supporting growth and wealth creation in key sectors of our economy.

 

According to him, a major lesson from the COVID-19 pandemic was that deliberate efforts must be made to diversify the base of the Nigerian economy.

 

Emefiele said the country must do everything possible to reduce the importation of goods into the country.

 

“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,” he added.

 

Speaking on the need to build an efficient infrastructure ecosystem in Nigeria and the role of improved infrastructure to the development of the Nigerian economy, he disclosed that all necessary approvals had been obtained for the full commencement of the Infrastructure Corporation in early 2022.

 

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