The Bankers Committee has announced a two hundred billion naira credit facility to boost production and export of five cash crops.
The cash crops are Cocoa, Oil Palm, Shea Butter, Sesame Seed and Cashew. The Committee also said it will soon announce a credit facility to support the creative Industry with the aim of creating three hundred thousand jobs in the Industry.
Two Managing Directors and Chief Executives of Commercial Banks Mr. Kennedy Uzoka and Mr. Segun Agbaje, disclosed this in Lagos during a press conference after the meeting.
The press conference was also addressed by the Director, Banking Supervision Department of the Central Bank of Nigeria, Mr. Ahmed Abdullahi and Director Corporate Communications of the Bank, Mr. Isaac Okoroafor.
The Committee noted the stability in the economy especially improved foreign investors confidence in the nation’s economy which reflected in the six billion Dollar foreign portfolio investment inflow in the first quarter through the Investors and Exporters window.
The Committee decided to focus on initiatives that will consolidate the pro growth stance of the Central Bank, through the recent reduction of the Monetary Policy Rate to thirteen point five percent from fourteen percent.
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