The Central Bank of Nigeria (CBN) has challenged the Bank of Industry (BOI) and other Development Finance Institutions (DFIs) to increase their financial contribution to the economy.
The Deputy Governor of CBN, Finance System Stability, Mr Okwu Nnanna, said this on Tuesday, saying that 5 percent out of 14.7 trillion credit as at June 2015 was unacceptable.
He said that development banks in Nigeria must begin to make significant impact on targeted sectors of the economy to help cushion the nation’s current financial and developmental challenges.
The CBN official highlighted agriculture, infrastructure as well as Micro, Small and Medium Enterprises (MSMEs) as three critical sectors that must grow, adding that only the productivity of Nigeria would determine the strength of the Naira at this time.
He said that the CBN has introduced the set of regulatory guidelines to equip the DFIs to access the capital market for funds to finance critical sectors of the economy.