CBN’s N23bn loan signposts Buhari’s commitment to diversify economy — BMO
The granting of N23.20 billion loan support to 28 companies whose projects were selected for funding by the Central Bank of Nigeria (CBN) has reaffirmed the Muhammadu Buhari administration’s commitment to empower qualified and genuine local investors to boost production and productivity in various sectors of the economy for the benefit of all, according to Buhari Media Organisation.
This latest intervention loan support fund tagged “100 for 100 policy for production and productivity” is part of CBN’s series of interventions to assist local indigenous companies over the last six and half years of the Buhari administration. The overall objective is to create the flow of finance and investments to enterprises with the potential to catalyse sustainable economic growth trajectory, accelerate structural transformation, promote diversification and improve productivity.
In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, the Buhari Media Organisation (BMO) noted that this CBN latest intervention will go a long way to assist in complementing the Federal Government’s efforts to transform and catalyse the productive base of the economy in its deliberate efforts at diversification.
The group also commended the CBN Governor for his role in macro-economic stabilisation which was aided by the protection and eventual liberalisation of the foreign exchange window “which gives priority to the most productive sectors thereby laying the foundation for a robust and diversified economy.
“We are convinced that the latest initiative of the CBN will go a long way to significantly measure domestic production and productivity, reduce imports, increase non-oil exports and an overall improvement in foreign exchange as well as generate an increase in the capacity of the economy”.
The group also appealed to beneficiaries of the CBN loan to make judicious use of the funds in line with the guidelines and conditions attached with the fund and ensure repayment as and when due.
BMO urged Nigerians to continue to show support for the President as he gradually consolidates on his achievements in this last lap of his eight years in office.
