Following the resounding success in improving welfare of Nigerian households and business owners to drive economic growth in the wake of COVID-19, the Central Bank of Nigeria, CBN, has raised the Targeted Credit Facility, TCF, from N150 billion to N300 billion.

 The CBN Governor, Godwin Emefiele, while speaking at the 30th edition of the Seminar for Finance Correspondents and Business Editors with  the theme,” LEVERAGING THE DIGITAL ECONOMY TO DRIVE GROWTH, JOB CREATION AND SUSTAINABLE DEVELOPMENT” in Lagos tsaid the Bank initally created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank.

According to him, Already, N149.21 billion has been disbursed to 316,869 beneficiaries, adding that gven the resounding success of this program and its positive impact on output growth, the bank has doubled the fund to about N300 billion, in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.

In line with the growing need to go digital, the application process is done online and requires limited paperwork from prospective applicants, he said. The Bank he added has continued to improve on remittance infrastructure in order to provide Nigerians in the diaspora with cheaper, convenient and faster channels for remitting funds to beneficiaries in Nigeria. In a bid to reduce the cost of remitting funds to Nigeria, the Bank on March 8, 2021 introduced a refund of N5 for every $1 of fund remitted into the country through IMTOs licensed by the CBN.

“We believe this measure would help to support improved foreign exchange inflows and enable Nigerians in the diaspora to use more formal channels relative to informal channels. These measures are not new as several countries have adopted similar measures to reduce the cost of remitting fund by their diaspora community, which has led to surges in remittance inflows through formal channels.” he explained.

Emefiele observed that the media has an important role to play in educating the public on how best to leverage the digital economy to drive growth, job creation and sustainable development in the midst of a global pandemic.

“It is therefore  my expectation that at the end of the sessions, participants would have acquired an in-depth understanding of the subject matter and would better appreciate the Bank’s commitment to economic growth and development. “