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.
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…
Join the conversation
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...