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CBN, banks conclude plans to disburse creative industry fund



Nigeria’s external reserves drop by $1bn in 5 weeks

The Central Bank of Nigeria (CBN) has concluded plans with Deposit Money Banks (DMBs) to disburse funds under the Creative Industry Financing Initiative (CIFI)

The decision to commence the disbursement was made at the end of the meeting of Bankers Committee of the CBN held at its headquarters in Abuja on Thursday.

In the meeting were Chief Executives of all the Deposit Money Banks in Nigeria as well as other top officials of the apex bank.

Read also: CBN rolls out plan to sell N809.4 bn Treasury Bills in Q3’19

While briefing newsmen at the end of the meeting, the Director, Banking Supervision Department (CBN) Mr Ahmed Abdullahi, noted that the initiative was supported being the source of job creation, poverty reduction and inclusive growth.

Buttressing Abdullahi’s statement, the Managing Director, FBN Quest Merchant Bank, Kayode Akinkugbe, added that another initiative discussed was the real sector.

“We want to release the trapped liquidity of various investments that people have in the real estate, in land or in property. Recognising that there are some obstacles but ultimately we must find a way to navigate through.”

He said, “We have had good dialogue in the past and there is recognition in the Bankers’ Committee that it is time to execute a lot of the initiatives that have been considered by the various sub-committee and acted on immediately.

By Babatunde Alao…

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