CBN tasks FG to prioritise investment in infrastructure

(Last Updated On: 2021-11-24)

The Central Bank of Nigeria, (CBN) has urged the Federal Government to prioritize infrastructure investment in order to improve the business environment and boost economic growth in the country.

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, made the announcement Tuesday night in Abuja while reading the communique from the apex bank’s 282nd Monetary Policy Committee meeting.

According to Emefiele, the MPC has observed the impact of poor infrastructure on rising domestic price levels.

He, on the other hand, praised the government’s efforts at economic diversification while calling for more assistance to boost non-oil exports.

“The Committee commended the gradual diversification of the economy with the increased contribution of the non-oil sector to Government revenues.

“It called for more support to increase non-oil exports as a source of foreign exchange earnings into the economy.

“Members also reiterated the impact of poor infrastructure on rising domestic price levels, urging the Federal Government to prioritise investment in public utilities to improve the business environment.

“These include transportation networks, power supply, education and health,” he said.

He proposed that such projects be funded through fair collaborations with foreign investors and Nigerians in diaspora.

Emefiele stated that the apex bank’s various intervention schemes in manufacturing, agriculture, and healthcare, among other areas, have significantly contributed to the economy’s growth.

“Under the Targeted Credit Facility, the CBN has disbursed a total of N363.49 billion to 766,719 beneficiaries, comprising 638,070 households and 128, 649 small businesses.

“Under its Agribusiness Small and Medium Enterprise Investment Scheme (AgSMEIS), the bank has released N134.63 billion to 37,571 entrepreneurs,” he said.

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He, however, noted the negative impact of COVID-19 on the global economy and called for a robust vaccination programme to stem the tide, especially with the emergence of new variants of the virus.

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