The CBN Governor, Godwin Emefiele said the regulatory body had been working with the Bankers Committee to scale the challenges posed by Covid-19, which include reduction of interest rates on loans, increasing the moratorium for payments, and injecting N3 trillion loans in the private sector.
Emefiele stated this at the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria held in Abuja recently.
He said, “We do expect that the pace of inflation will moderate as we approach the harvest season.’’
According to him, CBN hopes that banks would remain strong, resilient and healthy.
He said the N15 trillion infrastructure fund would be inaugurated in Oct. 2021.
According to him, innovations like the Nigeria/International Financial will provide a gateway for capital and investments, and digital currency, e-naira, will enhance inclusion.
He said technological innovation was also important in the modern business terrain, noting that most transactions now take place online given the advent of the “Internet of Things”.
President Muhammdu Buhari while the declaring the event open virtually noted that the nation continues to progress towards the next frontiers of digitization, it must harness all opportunities while being mindful of the inherent risks.
“For example, the protection of data is now of utmost importance to provide users with more secure access to the online space,’’ he said.
President Buhari said the Covid-19 pandemic changed everything in the world, from interaction, work, and communication to general lifestyle.
He noted that the epidemic also triggered new opportunities which helped to reshape the economy in the areas of digital transformation, trans-African trade, financial inclusion, security, workforce of the future, pharmaceutical, manufacturing, processing, supply, and logistics.
“As we look beyond the effects of the pandemic to the future, there are bountiful opportunities ahead of us. As you all may know, the African Continental Free Trade Area, of which Nigeria is subscribed, is not only an opportunity for the growth of trade but also the growth of Pan African businesses.
“It portends opportunities for our teeming youth population, the women, the creative industry, the digital economy, the financial services sector, agricultural value chain, commerce, industry, education and indeed every aspect of the economy as Nigerians will have unfettered access to the over 1.3billion consumer market,’’ he said.
The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.
In a goodwill message, President Paul Kagame of Republic of Rwanda said exploring new technology in the banking sector, with more focus on innovation, would enhance financial inclusion.
He said the banking sector can lead the way in integration because banking is about trust.
