{"id":54096,"date":"2021-11-24T12:18:53","date_gmt":"2021-11-24T11:18:53","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=54096"},"modified":"2021-11-24T12:18:53","modified_gmt":"2021-11-24T11:18:53","slug":"deficit-fg-need-to-prioritise-investment-in-infrastructure-cbn-urge","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/deficit-fg-need-to-prioritise-investment-in-infrastructure-cbn-urge\/","title":{"rendered":"Deficit: FG Need To Prioritise Investment In Infrastructure –CBN Urge"},"content":{"rendered":"

To check the continued rise in infrastructural deficit, the Central Bank of Nigeria has urged the Federal Government to prioritise investment in infrastructure to improve the country\u2019s business environment and boost economic growth.<\/p>\n

Mr Godwin Emefiele, the CBN Governor made the call Tuesday night in Abuja while reading the communique on the 282nd Monetary Policy Committee meeting of the apex bank.<\/p>\n

Emefiele said that the MPC observed the impact of poor infrastructure on rising domestic price levels.<\/p>\n

He, however, commended government\u2019s effort at economic diversification while calling for more support to boost non-oil exports.<\/p>\n

\u201cThe Committee commended the gradual diversification of the economy with the increased contribution of the non-oil sector to Government revenues.<\/p>\n

\u201cIt called for more support to increase non-oil exports as a source of foreign exchange earnings into the economy.<\/p>\n

\u201cMembers also reiterated the impact of poor infrastructure on rising domestic price levels, urging the Federal Government to prioritise investment in public utilities to improve the business environment.<\/p>\n

\u201cThese include transportation networks, power supply, education and health,\u201d he said.<\/p>

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He suggested that funding for such projects could be sourced through equitable partnerships with foreign investors and Nigerians in diaspora.<\/p>\n

Emefiele explained that various intervention schemes by the apex bank in manufacturing, agriculture, healthcare, amongst others, have contributed immensely in growing the economy.<\/p>\n

\u201cUnder the Targeted Credit Facility, the CBN has disbursed a total of N363.49 billion to 766,719 beneficiaries, comprising 638,070 households and 128, 649 small businesses.<\/p>\n

\u201cUnder its Agribusiness Small and Medium Enterprise Investment Scheme (AgSMEIS), the bank has released N134.63 billion to 37,571 entrepreneurs,\u201d he said.<\/p>\n

He, however, noted the negative impact of COVID-19 on the global economy and called for a robust vaccination programme to stem the tide, especially with the emergence of new variants of the virus.<\/p>\n

(NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"

To check the continued rise in infrastructural deficit, the Central Bank of Nigeria has urged the Federal Government to prioritise investment in infrastructure to improve the country\u2019s business environment and boost economic growth.<\/p>\n","protected":false},"author":6,"featured_media":31523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[36],"coauthors":[2391],"class_list":["post-54096","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-cbn"],"yoast_head":"\nDeficit: FG Need To Prioritise Investment In Infrastructure -CBN Urge - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/deficit-fg-need-to-prioritise-investment-in-infrastructure-cbn-urge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deficit: FG Need To Prioritise Investment In Infrastructure -CBN Urge - 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