CBN to increase loans to households, SMEs in 2022

Nigerian households, Small and Medium-sized Enterprises (SMEs) will have increased access to financial support from the Central Bank of Nigeria (CBN) in 2022, governor, Godwin Emefiele, has said.

Finance and credit will be made available to improve domestic productivity and ensure non-oil exports grow faster. The move to increase access is also meant to boost employment.

“The policy focus of the bank for 2022 is with a pledge to sustain improved access to finance and credit for households and businesses, mobilise investment to boost domestic productivity, enable faster growth of non-oil exports, and support employment generating activities.” Emefiele said in a report by The Cable on Monday.

The CBN governor also stated that the Federal Government and the private sector will collaborate to aid manufacturing sector, ICT, and infrastructure.

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It is believed that the collaboration will strengthen the ability of the country to withstand the challenges of COVID-19, which had crippled business activities in most part of 2020, before recovering gradually in 2021.

“Proactive steps on the part of stakeholders in the private sector, in collaboration with the government in supporting the growth of sectors such as manufacturing, ICT, and infrastructure, will strengthen our ability to deal with the challenges of COVID-19 and stimulate further growth of our economy.” Emefiele stated.

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