By Babajide Komolafe
Central Bank of Nigeria (CBN) has unveiled two-policy measures designed to accelerate the growth of the nation’s Gross Domestic Product (GDP), boost non-oil export revenue and facilitate job creation.
These include a new framework for reviving and disbursing the N500 billion non-oil export stimulation fund tagged, Produce, Add Value, Export (PAVE); and a new financial ecosystem aimed at adding $88 billion to the nation’s GDP and generate $36 billion new bank deposits by 2025.
Meanwhile, Governor Akinwunmi Ambode of Lagos State has chided the banking industry for the slow growth and adoption of mobile money in Nigeria, calling for a low-cost, well functioning financial services in the country.
PAVE to revive N500bn non-oil export fund
Addressing journalists at the end of a meeting with stakeholders in the non-oil export sector in Lagos, Friday night, CBN Governor, Mr. Godwin Emefiele, disclosed that the apex bank and non-oil exporters had agreed on a programme called, Produce, Add Value, Export (PAVE) that would be used to revive and disburse the N500 billion non-oil export stimulation fund with aim of boosting non-oil export revenues and create jobs.
Emefiele also disclosed that the Anchor Borrowers Programme (ABP) will be extended to exporters and cash crop farmers.
He said: “We have decided to bring back the N500 billion Export Stimulation Facility that we had proposed two years ago, as well as the N50 billion Direct Intervention Fund from the Nigeria Export-Import Bank (NEXIM)”.
Meanwhile, speaking at the opening session of the annual Bankers Committee retreat yesterday in Lagos, Emefiele said that in order to capture the benefits of improving access to financial access, CBN will create a framework that will lead to the emergence of a new financial ecosystem that will add $88 billion to the nation’s GDP by 2025 and generate $36 billion worth of new bank deposits.
Ambode calls for low-cost, well functioning financial system
Also speaking at the retreat, Ambode called for the creation of a low-cost, well functioning financial system that will impact employment and bring more people into the formal financial system.
Chiding the banking industry for the poor level of mobile money penetration in Nigeria, especially when compared with what Kenya achieved with MPesa, Ambode said: “One reason for this is there are too many competing systems and regulations. While we generally don’t like monopolies, the reality is that the system is much more valuable if everyone uses it and that is what M-Pesa has managed to achieve elsewhere on the continent.”