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CBN Introduces 37 Interventions To Boost Economy

The Central Bank of Nigeria, CBN, currently has about 37 intervention programmes to boost the economy, the bank has said.

The acting Director, Corporate Communications Department, CBN, Mr Osita Nwanisobi, said this during the CBN two-day fair which commenced in Lagos and Abeokuata, Ogun State on Thursday.

He said, “As 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.

“The 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.”

He mentioned some of the interventions to include the Anchor Borrowers Programme, the creative financing initiatives, solar energy interventions, family house ownership scheme, the interventions to cushion the effect of the COVID-19 pandemic on the economy, firms and individuals.

Speaking on the fair, he said the essence of the trade fair was to create a platform to interact with some of its significant stakeholders.

He added that the essence was to, “explain some of our policies, our interventions and our progress and to receive responses from them and take questions back.

“And those questions and the issues that they would raise normally help us to refine policies or interventions and projects.

“For us, it is a means of monitoring our interventions, a means of evaluating our progress and a means of looking at whether what we are doing is really impactful to the Nigerian public.”

The Branch Controller, Lagos, CBN, Mr Atise Ekhator, 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.