Nigeria external reserves rises to $40billion…CBN
The Central Bank of Nigeria has confirmed that the country’s external reserves has risen from $33billion in March 2021 to $40billion in 2022.
The apex Bank added that over twelve million jobs were created while significant improvement have been recorded in the diaspora inflow from an average of US$6 million per week in March 2020 to an average of over US$100 million per week by January 2022.
CBN Governor, Dr Godwin Emefiele stated this in Ado Ekiti while delivering lecture to mark the 40th anniversary and convocation of the Ekiti State University, Ado Ekiti.
Represented by the Deputy Governor (Corporate Services), Mr. Edward Adamu explained that the laudable feats were achieved through the introduction of effective monetary policies among which are Anchor Borrowers Programme, AGSMEIS, loan intervention to mention but a few.
Emefiele who spoke on the topic “The role of Central Banks in Managing Economic Downturns” explained that those interventions eployed by CBN significantly helped to restore the economy even after the Covid-19 pandemic.
He said “Only recently, we introduced the ‘100 for 100’ Policy on Production and productivity to support greenfield and brownfields projects that will increase local sourcing and utilization of raw materials to create more jobs and income for our people.
In addition, we are working with the Banker’s Committee to boost non-oil exports through the ‘Race to a $200billion’ non-oil exports revenue target (RT 200 FX Programme) over the next 5 years.
“It is our honest view that in the next few years, more jobs will be created, and growth will be much more consolidated above 5 percent with propensity to build an economy that is self-sustaining and capable of withstanding negative external shocks.
“So far, the CBN, working with the DMB and participating financial institutions has granted over N3 trillion in intervention loans that have undoubtedly aided economic recovery and employment generation.
Specifically, under the Anchor Borrowers Programme, we have disbursed N948 billion to 4,478,381 smallholder farmers who cultivated 5.2 million hectares of farmland across the country, thereby creating 12.5 million direct and indirect jobs.
“Under our Targeted Credit Facility, which was meant to help households and businesses that suffered significant losses during the pandemic, we have disbursed N368.79 billion to 778,000 beneficiaries comprising 648,052 households, and about 130,000 SMEs.
“We have also disbursed N1.452 trillion to 337 large real sector projects agriculture, manufacturing, services, and mining under our Real Sector Support Facility. In healthcare, 122 major healthcare projects have bec funded to the tune of N115.36 billion. These healthcare intervention went to 31 pharmaceutical and 91 hospital projects he said.
In a remark, the Bishop of the Catholic Diocese of Ekiti, the Most Reverend Felix Ajakaiye who expressed worry over the high rate of inflation suggested the need for people oriented economic policies.
He added that Nigerians must learn how to improve its productivity and consume its locally made materials.
In an interview, the Vice Chancellor, of the Ekiti State University, Ado Ekiti Professor Edward Olanipekun described the lecture as apt considering the current economic situation.
