In a recent shift of focus, the Central Bank of Nigeria (CBN) has opted to step away from direct involvement in development finance programs. The decision, spearheaded by the new governor, Dr. Olayemi Cardoso, signals a strategic move towards prioritizing advisory roles in driving economic growth, according to sources within the institution.
The CBN’s sizeable intervention initiatives, which encompassed programs such as the Anchor Borrowers Programme, the 100 for 100 Policy on Production and Productivity (PPP), the Real Sector Facility (RSF), and the Nigeria Electricity Market Stabilisation Facility, are likely to come to an end in light of this shift. Documents reveal that an astounding N9.71 trillion has been disbursed through these programs over the past three years, highlighting the substantial impact of the CBN’s intervention efforts.
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Under the new approach, the CBN aims to facilitate the development of specialized financial instruments and institutions that cater to various economic sectors, aligning with its core objective of stimulating economic growth. Additionally, the institution plans to promote legislative reforms to expedite access to consumer credit, bolster financial inclusion, and unlock dormant capital in real estate assets. Moreover, the CBN’s focus will extend to mitigating risks for private sector investments in critical sectors like housing, textiles, healthcare, and education.
While the decision marks a significant transition in the CBN’s modus operandi, it underscores a renewed commitment to its fundamental mission. As the apex bank realigns its priorities, the broader objective appears to be the acceleration of industrialization and the facilitation of multilateral collaboration between the government and private sector stakeholders, ultimately fostering sustainable economic development in Nigeria.
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