Earlier, the CBN Governor, Godwin Emefiele, unveiled a 5-year (2019-2024) policy thrust for his second tenure. According to the speech, the key priorities over the next 5 years will include;
- Preservation of domestic macroeconomic and financial stability with a key emphasis on supporting improved GDP growth and greater private sector
investment; - Fostering the development of a robust payments system infrastructure that will increase access to finance for all Nigerians thereby raising the financial inclusion rate in the country;
- Improving access to credit for not only smallholder farmers and MSMEs but also Consumer credit and mortgage facilities for bank customers.
- grow external reserves, and
- Continuing support for the real sector.
At the macro level, Governor Emefiele hopes to target double-digit GDP growth, single digit inflation rate and increased job creation while seeking to maintain stability in the exchange rate. To guarantee financial system stability, the CBN plans to recapitalize the banks to position Nigerian banks among the top 500banks in the world. Also, CBN proposes to work on a framework to enable banks to securitize mortgage loans as well as spur consumer lending by working with large retail
stores, automobile companies and so on.
In all, the Governor intends to sustain intervention programs of the Apex Bank by extending same to Youth Corp members, activities in the Agric and manufacturing sector.
UNITED CAPITAL RESEARCH
