Nigeria’s Central Bank is worried the country’s economy is dependent mainly on importation of foreign goods which exposes it to global shocks as oil remains the country’s key revenue generator. In order to reduce these shocks, the CBN is embarking on a number of short- term and long-term policies such as a cycle of monetary tightening to rein in inflation; external reserves management through the restriction of foreign exchange for imports of goods that can be produced in Nigeria.

CBN also established a decisive withdrawal of the “de facto” subsidy for the importation of 41 non-essential commodities with unfolding successes, introduced various policies to eliminate FX speculators, bettors, round-trippers and rent-seekers and thereby stabilise the exchange rate with the establishment of the Investors-Exporters Window among others.

The CBN Governor was speaking while receiving in Lagos at the weekend the Guardian Economic Personality of the Year 2017 in recognition of his contribution to stabilizing the Nigerian financial sector amidst recession as well as the Bank’s effort in development financing, governor of the Bank Godwin Emefiele said the sum of ₦393.5 billion had been released to 478 large scale agricultural projects since inception in 2010.

The Bank is ready to disburse up to ₦400 billion at only 9.0 percent interest rate under the Real Sector Support Facility (RSSF), adding that the strategic initiative was targeted at projects in manufacturing and agriculture, given the mutual interdependence of both sectors for the complete industrialization of agro-allied business.

More than 224 projects valued at over ₦33.0 billion were guaranteed for the Federal Ministry of Agriculture’s Growth Enhancement Scheme under the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL), established in 2011

He reported that the domestic rice production had increased many folds and its imports had crashed substantially under the Anchor Borrowers’ Programme (ABP),

The President and Chairman of Council, Chartered Institute of bankers of Nigeria (CIBN), Professor Segun Ajibola  who presented the award to him commended Mr. Emefiele and his team at the CBN for their efforts at managing the Nigerian financial sector and intervening in critical sectors of the economy.