Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has hinted at plans to increase credit to the agricultural sector.
He disclosed this at a dinner session with the board of the United Bank for Africa (UBA) in Abuja over the weekend.
Significance of increased credit to the agricultural sector
Mr Emefiele stated that the economic recovery has been supported by the expansion of over four million farmers, SMEs, and manufacturers.
He also added that farmers, SMEs, and manufacturers are enabling growth in manufacturing and ICT due to increased credit access.
The mandate of the Central Bank of Nigeria is derived from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999, and 2007.
The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.
the Bank is charged with the responsibility of administering the Banks and Other Financial Institutions Act (BOFIA), 2020, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.
In addition to its core functions, CBN has over the years performed some major developmental functions, focussed on all the key sectors of the Nigerian economy (financial, agricultural, and industrial sectors).
Overall, these mandates are carried out by the Bank through its various departments.