The post-COVID-19 era is expected to be filled with a lot of uncertainties and challenges especially in developing countries like Nigeria.
In preparation for post events, the Central Bank of Nigeria (CBN), has warned of the need for the country to act faster so as to enable faster economic recovery.
In order to achieve this, the apex bank has taken some proactive measures aimed at four strategic sectors that would support mass employment and wealth creation in the country.
The four areas of focus by the CBN are:
- Provision of affordable housing: Here the CBN will create an intervention fund which will target housing construction by developers who provide proof of profiled off-takers with the capacity to repay the loan. The BVN will be used to verify the information given by the off-takers before the developers can access the facility. The CBN will also assist the mortgage finance sub-sector, assist land administration agencies at the states to build capacity for prompt processing and issuance of land titles.
- Renewable energy: The CBN, over the next three years will be providing financial support to environmentally friendly energy production, as this has tangential long term health benefits.
- Cutting edge research: Also, the bank will be providing funding and encouraging effort aimed at driving innovation and research in every sector through our universities, research institutions, creative industry initiatives and so on.
- Light manufacturing: In order to pursue substantial economic renewal, the CBN intends to close the funding gap needed for the replacement of machinery and equipment in order to enhance local production. The apex bank plans to set up an N500 billion intervention fund over a medium and targeted at manufacturing firms for the procurement of state of the art machinery and equipment and automated manufacturing models that would fast track local production. It will also help increase the patronage of locally processed products.