The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining and improving on the impact of existing programs that support development in the agriculture sector such as the agricultural credit scheme among others.
This formed part of a statement read at the 6th Bankers Annual Retreat with the theme; “Financing Real Sector Growth in Nigeria” held in Calabar, the Cross River State Capital, by the CBN Governor Godwin Emefiele.
According to the CBN, with its attendant impact on the GDP and job creation, agriculture remains the critical focus sector of the Nigerian financial system, particularly the banking sector.
Reading out the areas of focus as resolved at the retreat, the CBN boss Godwin Emefiele disclosed that, CBN will massively channel resources in agriculture, power and Micro Small and Medium Enterprises sectors of the economy aimed at boosting the country’s import substitution and diversification strategies.
According to the CBN Governor, the Bankers also expressed full conviction in the fact that the long term success of the banking sector lied in the growth of these sectors, as about 100 companies in Nigeria account for more than 75% of the loans which the banks offer.
Through this platform over the years, the Bankers committee has made significant progress in transforming the Nigerian financial system into an enabler and an engine of real sector growth, through its advocacy, intervention and dedicated support by increase in lending to Micro, Small and Medium Enterprise leading to growth in the Agriculture sector.
The 2014 Annual Retreat also believes the CBN’s financial inclusion policy is gradually but steadily ushering more Nigerians into the formal financial system, and applauded the complementary role of Nigeria’s telecom operators in this regard.
There was also renewed commitment for continuous interventions in lending to micro, small and medium enterprises (SME’s) as well as advocacy and finance to the power sector.