Fidelity bank banner UBA banner
CBN earmarks N300bn loan for SMEs, agric sector

By News Express on 14/12/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,638


The Bankers Committee said it had set a target of N300 billion to boost lending to Small and Medium Scale Enterprises (SMEs) and the agriculture sector in 2016.

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said this while briefing newsmen on the communique released after the 7th Annual Bankers Committee Retreat held in Lagos from December 10 to 11.

The theme of the conference was ‘Creating an Enabling Environment for SME Growth.’

Emefiele said that the facilities would not only be for SMEs, but also to large scale farming companies.

On the agriculture, he said its value chain needed to be de-risked to allow banks to grant facilities to farmers to stimulate growth in the economy.

Emefiele said that the bankers agreed that de-risking those value chains in the agriculture would encourage large scale farming and boost productivity in the sector.

According to him, achieving this will increase lending to the sector, while the monetary and fiscal authorities must work together to improve local production.

He said that increased local agriculture products like rice, tomatoes, wheat, fish, sugar, among others, would reduce the demand for foreign exchange.

Emefiele said this would help to boost country’s foreign exchange reserves and by extension strengthen the naira.

The central boss said that banks believed that there was need to improve the level of infrastructure.

He said that the retreat, which allowed stakeholders to share ideas, also afforded them the opportunities to review the performances of the outgoing year of 2015 and set agenda for banking industry in 2016.

The CBN boss said that the retreat also gave the opportunity to exchange ideas with invited ministers about their agenda and plans.

He said that the banking industry would continue to support government's effort to diversify the economy because of the ongoing challenges facing the global market.

“I must say that the Nigeria is not an exception given that today we are affected adversely by the drop in crude oil prices which in itself has adverse impact on nation’s revenue.

“We had extensive discussions on some of the previous outcomes of the bankers committee which have helped to increase lending to the manufacturing sector, facilitated finance to the power and aviation sectors.

“It has also helped to sensitise lending to the agriculture secture where we have seen lending increasing from as low as one per cent in 2010/ 2011 to as high four per cent in 2014/2015.”

Those in attendance at the conference included the Governor of Lagos State, Mr Akinwunmi Ambode, the Minister of Agriculture and Rural Development, Mr Audu Ogbeh, the Minister of Power, Works and Housing, Mr Raji Fashola and the Minister of Transport, Mr Rotimi Amechi.

Also in attendance were the Minister of Solid Minerals, Mr Kayode Fayemi, the Minister of Finance, Mrs Kemi Adeosun, and chief executives of banks, Development Finance Institutions (DFIs), SME operators and those in agriculture and power sectors. (NAN)

•Photo shows CBN Gov. Mr Emefiele.

Source News Express

Posted 14/12/2015 03:58:22 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Breaking: Chelsea face Atlético Madrid in Champions League...

PDP heads for victory in rescheduled Bayelsa Assembly...

Why I threw in the towel: Kemi Adeosun...

Stampede tragedy: My ordeal in the hands of...

Court remands Lamido Sule in prison custody

PDP wins 13 seats in Bayelsa Assembly polls,...

Bonga North West project wins global energy and...

Suicide bomber injures 8 in Potiskum

NAHCo secures licence to operate in Port Harcourt...

Political heavyweights storm Awka for burial of Senator...

SSS orders removal of parts of ‘Half of...

Pop star Tiwa Savage arrested for assaulting duty...

 

Latest News 2019: Security Council foresees violence in Nigeria Atiku will return PDP to power — Babatope Gunmen kill APC treasurer in Ekiti Peter Obi's vice presidential nomination receives standing ovation in USA Senate panel uncovers massive fraud in NAHCON operations Osun PDP supporters protest alleged disbandment of Election Petition Tribunal Policeman, two others killed in Benue gunfight Detention by EFCC: We're taking steps to enforce Fayose’s fundamental rights — Ozekhome Bayelsa lecturer beats world’s 500 most influential experts to win science championship Reps to NYSC: Lift ban on Benue graduates Tambuwal appoints 25 commissioners Hours after students’ protest, OSCATECH staff suspend strike

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (407,391 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (382,746 views) Shameless Genevieve Nnaji exposes breasts in public (315,101 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (257,608 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,692 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,504 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,284 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,752 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,418 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,002 views) Lagos plane crash: Journalist releases victims’ names (161,642 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,413 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (67) Business & Economy (3,691) Business Verdict (52) Columnists (948) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (660) Global Business Monitor (304) International (2,543) Interview (165) Live Commentary (28) Love Matters (145) News (39,725) Opinion (1,124) Pidgin (13) Politics (7,287) Religion (881) Sports (1,733) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement