Banks to raise agric loans to 10%
As part of plans to key into the 2021 global economic recovery forecast, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has pledged the apex bank’s commitment to make local lenders raise credit facilities to agriculture sector to 10 per cent. According to Emefiele, who stated this at the weekend in Lagos, during the Vanguard Economic Summit whose theme is ‘Bankers’ Initiative for Economic Growth’ , with the discovery and deployment of vaccines, 2021 will be a year of massive global recovery and Nigeria must not be left out. However, in order to drive and sustain the envisaged massive recovery, Emefiele rolled out measures which he considered routes to drive and sustain the economic recovery. These are to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance to households and businesses; prevent a resurgence in COVID-19 related cases; ensure that a significant number of the populace is properly vaccinated and improving foreign exchange (forex) inflows into the country. He stated: “Over the next three years, we will continue to encourage the banking sector to increase its loans to the agriculture sector from four percent to 10 percent by 2024.
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