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By Matthew Eloyi
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that plans are underway to increase credit to the agricultural sector.
He made the disclosure at a dinner session with the board of the United Bank for Africa (UBA) in Abuja over the weekend.
In his comments on, “Food Security, Job Creation and the Role of the Central Bank,” the CBN governor, emphasised the critical role of banks and financial institutions in enabling more inclusive growth of the economy following the series of external shocks that had confronted economies globally.
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In his words, “We were aware that if the necessary support was provided to households and business such as improved access to finance, and better infrastructure, these measures would boost productivity, and help in enabling greater direct investment flows into our economy.
“As a result, there was a growing recognition on the need to refine our monetary policy tools and regulatory framework in order to ensure that it was more responsive to the needs of the Nigerian populace. It was important that this new framework enabled the flow of credit by financial institutions to critical sectors in order to aid our efforts at driving productive activities and creating job opportunities for our growing population.”
He emphasized the significance of investments in agricultural and related businesses, distribution storage systems, and critical market infrastructure in order to build a cost-effective, viable, and sustainable food system in Africa.
According to Emefiele, the programmes have helped farmers drastically increase their yields and have made a significant contribution to Nigeria’s path to food self-sufficiency.
