CBN, Banks To Support Agric Export With N200 Billion

… Creative Industry Gets Attention

The Central Bank of Nigeria (CBN) and the bankers committee on Thursday April 4, 2019, said they have set aside N200 billion as parts of measures to address challenges confronting exports of agricultural produce in the country.

Speaking to financial journalist after the bankers committee meeting in Lagos, the banks said they have come up with an immediate, medium and long term plans to address the issues. The fund according to the banks will be in a single digit with ten year period.

The products that will be targeted according to the committee, includes, Oil Palm, Cocoa, Cashew Nut, Sesame Seed among others. The committee expects the exports of these products which is in abundant across the country to boost our foreign exchange earnings.

Just as the committee disclosed their plan to also pay further attention to the creative industry. They said it will be a single digit facility with ten years period. Pointing out that the collateral will be flexible base on their value chains.

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Noting that emphasis will be on practitioners that are in the business full time. The areas are movie, music, fashion and information technology. The Bankers Committee said after a lot of research identified the creative and IT sector as a critical sector to support social and inclusive growth in Nigeria, saying they have basically found out that the sector would generate a significant amount of employment given how Nigerians involved in the creative sector have done well in music and others.

On the general economy, Director, Banking Supervision Department, CBN, Mr Ahmed Abdullahi said there is confidence in the system as lending has increased in the banking sector. According to him between January and March 2019, foreign direct investment that came into the country was $6 billion.

Chief executive of banks present at the media briefing are Kennedy Uzoka Managing Director of The United Bank for Africa Plc (UBA), the Managing Director, Access Bank Plc, Herbert Wigwe; the Managing Director of Guaranty Trust Bank Plc Segun Agbaje, the Managing Director of Ecobank Nigeria, Patrick Akinwuntan and the Director of Corporate Communication Department of the CBN, Mr Isaac Okorafor.