The leadership of the Central Bank of Nigeria is leaving nothing to chance in its determination to avert another regime of a slide into recession
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, the International Monetary Fund and World Bank Group have all spoken predicting that recession was lurking in the corner, not only in Nigeria, but indeed sub-Sahara Africa.
Just like the minister, the World Bank Group followed suit in its forecast, indicating that the global economy will shrink by 5.2 per cent that would result in the deepest recession since the Second World War. In its World Economic Outlook report, the IMF said the health crisis is “having a severe impact on economic activity,” projecting that the global economy would contract by 3.0 per cent this year – worse than during the 2008-2009 financial crisis.
Make no mistake, the CBN has a long history of interventions in various sectors of the nation’s economy and has proven its mettle so far. This time, nothing less is expected.The success story of the Anchor Borrowers’ Programme pioneered by the CBN is still fresh in the memory of the nation’s agrarian sector and its practitioners.
In addition, there’s a provision of N100 billion long-term credit facility for pharmaceutical concerns directed at research, manufacturing of ancillary drugs and medicaments. The need to crash interest rates was strenuously canvassed by a wide segment of the society. The CBN’s response in cutting interest rates as canvassed by a critical segment of the society, is seen as a big credit to the bank.
According to him, such qualitative infrastructure is not complete without reliable power, as that is the only way to engender industrial activity. To expedite favourable global competition for Nigerian businesses, Emefiele has called for the development of venture capitalists to nurturenew ideas and engender local businesses, saying there is no justification why this should be out of our reach. “
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CBN Plans Non-interest Loans For Anchor Borrowers, OthersNigeria News, Nigeria Newspapers
Read more »
CBN approves N432 billion to fund cultivation of nine commoditiesThe Central Bank of Nigeria (CBN) says it has set aside about N432 billion to fund the value chains of nine commodities in the 2020 wet season.
Read more »
CBN earmarks N432bn for farmers in 2020This is even as the apex bank revealed plans to integrate non-interest loan window in all its intervention programmes, particularly the ABP and the Targeted Credit Facility (TCF) to support households and... Read more:
Read more »
BREAKING: CBN unveils plans for non-interest facility in ABP, othersThe Central Bank of Nigeria (CBN) has unveiled plans to release a framework for integration of non-interest window in all its..
Read more »
CBN Announces N432bn Fund To Support Rice Farmers, OthersCBN Announces N432bn Fund To Support Rice Farmers, Others
Read more »
Audit queries: Reps summon CBN, FIRS, NNPC bosses, others|p style=
Read more »