ICT, An Enabler for Growth In Key Sectors of Nigeria’s Economy – CBN Governor

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has called for the need to leverage ICT as an enabler for growth in key sectors of the economy.

Emefiele said this in his address at the 13th Annual CIBN (Chartered Institute of Bankers of Nigeria) Banking and Finance Conference on Tuesday in Abuja and Lagos.

According to him, going forward leveraging ICT for growth and smooth operations has become more important.

In his words, “The Central Bank is seeking to leverage ICT in order to improve access to finance for Nigerians. Improved access to finance through deployment of an inclusive and interoperable payment system would help to reduce the cost of payment services for individuals.”

Speaking further, the CBN Governor said ICT start-ups are emerging to support SMEs, farmers, and in providing quality learning to students affected by the shutdown in schools.

Also, Emefiele stressed that, it is imperative from an economic as well as a security perspective, that the banking and financial system works to support growth in sectors that have significant growth potential, and can enhance the resilience of the Nigerian economy, in the face of external shocks.

In addition, he urged bank to increase loans to agricultural sector.

“Over the next 4 years, the banking sector should consider ways under which it could increase its loans to the agriculture sector from 4 percent to 10 percent by 2024.

“With declining foreign exchange earnings from crude oil, banks should consider supporting agro processing companies that are export oriented.”

Emefiele also noted that President Muhammadu Buhari has approved the establishment of a CBN led Infrastructure Company. In partnership with the Africa Finance Corporation and the Nigerian Sovereign Investment Authority. Infra-Corp would enable the use of private and public capital to support infrastructure investments that will have a multiplier effect on growth across critical sectors.