The Central Bank of Nigeria (CBN) has urged the Federal Government to prioritize infrastructure investment in order to improve the country’s business environment and boost economic growth.
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria, made the announcement Tuesday night in Abuja while reading the communique from the apex bank’s 282nd Monetary Policy Committee (MPC) meeting.
According to Emefiele, the MPC observed the impact of poor infrastructure on rising domestic price levels.
He, on the other hand, praised the government’s efforts at economic diversification while calling for more support to boost non-oil exports.
“The Committee praised the gradual diversification of the economy, as evidenced by the increased contribution of the non-oil sector to government revenues.”
“It called for greater assistance in increasing non-oil exports as a source of foreign exchange earnings into the economy.”
“Members also emphasized the impact of poor infrastructure on rising domestic prices, urging the Federal Government to prioritize investment in public utilities to improve the business environment.”
“These include transportation networks, energy supply, education, and health,” he explained.
He proposed that funding for such projects be obtained through equitable collaborations with foreign investors and Nigerians in diaspora.
Emefiele explained that the apex bank’s various intervention schemes in manufacturing, agriculture, and healthcare, among other areas, have contributed significantly to the economy’s growth.
“Under the Targeted Credit Facility, the CBN has distributed N363.49 billion to 766,719 beneficiaries, including 638,070 households and 128, 649 small businesses.”
“The bank has released N134.63 billion to 37,571 entrepreneurs through its Agribusiness Small and Medium Enterprise Investment Scheme (AgSMEIS),” he said.
He did, however, note the negative impact of COVID-19 on the global economy and called for a robust vaccination program to stem the tide, particularly given the emergence of new variants of the virus.