The Central Bank of Nigeria (CBN) has a mission to ensure monetary, price and financial system stability as a catalyst for inclusive growth and sustainable economic development. To achieve this, the Bank must maintain a sound financial environment that supports the ease of access to finance by the real sector. The Bank’s commitments to the economy can be classified as core and developmental.
The Bank’s involvement in development financing is driven by the need to address market failures resulting from the apathy of banks to lend to critical sectors/segments of the economy due to perceived risks. Through its interventions, the Bank has improved access to affordable and long-term finance to the real sector, de-risked these priority sectors by incentivizing banks and other financial institutions to lend, and stimulated investments in the productive base of the economy.
The interventions of the Bank are targeted at priority sectors of the economy that have the potential to transform the productive base of the economy to facilitate growth, stimulate sustainable jobs, expand the non-oil export basket to enhance the foreign exchange earning capability of the economy, and facilitate financial inclusion. The emphasis of these interventions is to stimulate the flow of affordable credit to targeted priority sectors with high growth impact and employment elastic potential, such as agriculture, manufacturing, energy/infrastructure, healthcare, MSMEs and exports. The Central Bank of Nigeria’s development finance intervention programmes and schemes have been designed and implemented in collaboration with key stakeholders such as Financial Institutions (FI), Development Finance Institutions (DFIs), Ministries, Departments and Agencies (MDAs) of Government and the Organized Private Sector (OPS).
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