CBN introduces 37 different intervention programmes to help diversify Nigerian economy

CENTRAL Bank of Nigeria (CBN) officials have revealed that 37 intervention programmes have now been made available to local entrepreneurs and businesses as part of an ambitious plan to help revive the economy.

Heavily dependent on crude oil for its survival, Nigeria is a mono-economy, with over 90% of federal government coming from petroleum exports. With the sector being highly volatile and uncertain, Nigeria desperately needs to diversify her economy and as part of this process, the CBN has introduced a series of packages to support investment in other sectors.

CBN spokesman Osita Nwanisobi, said: “As of at today, we have about 37 interventions but I think what we have to know about interventions of the central bank is that they are purpose-driven, they are functionally based and it is also well thought out like I have always said. CBN interventions are born out of the critical issues within our economic space.

“The whole essence is to stimulate the real estate sector for growth and meet the target of financial inclusion, among others. Some of the interventions to include the anchor borrowers programme, the creative financing initiatives, solar energy interventions, family house ownership scheme and the interventions to cushion the effect of the Covid-19 pandemic on the economy, firms and individuals.

Atise Ekhator, the branch controller of CBN Lagos, said the bank was stimulating real sector production to meet demands and reduce import. While saying that the growth of the economy would assist everyone, he stated that mutual cooperation was necessary to move the economy forward.