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Home Business News Business

CBN, others to invest N1.54 trillion over five years in FG’s NDP plan

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
January 4, 2022
in Business
CBN, others to invest N1.54 trillion over five years in FG’s NDP plan
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Central Bank of Nigeria and others particularly the financial services regulators, would invest N1.54 trillion over five years to increase liquidity in the financial services sector.

The government intends to boost the liquidity thresholds in each segment of the financial system to levels that will sustain the country’s growth and development, according to the Federal Government’s National Development Plan 2021-2025.

The investment is also expected to optimize all aspects of the country’s balance sheet to free up the liquidity needed to support the economy’s stability, growth, and transformation.

Read: The most popular and unpopular CBN policies of 2021 

What the FG is saying in its National Development Plan 2021-2025

According to the document, the Ministry of Finance, Budget, and National Planning, the Ministry of Industry, Trade, and Investment, the Infrastructure Concession Regulatory Commission, the Central Bank of Nigeria, the Securities and Exchange Commission, the National Insurance Commission, the National Pension Commission, and others have been tasked with increasing the amount to raise the financial sector’s liquidity thresholds over the next five years.

Investments from these government institutions will be used to organize and support the private sector to achieve the NDP’s aims.

Private operators in the financial industry, including banks, insurance companies, exchanges, and others, will be coordinated to invest and achieve their goals, according to the NDP.

Read: BDC ban working as Forex demand migrates to Deposit money banks – CBN

The NDP statement read in part, “Achieving the stated objectives for this sector requires huge investments coming from relevant MDAs and industry players. For instance, core ministries like the Ministry of Finance, Budget and National Planning and the Ministry of Industry, Trade and Investment as well as Infrastructure Concession Regulatory Commission that are directly allocated capital expenditure from the budget will make investments in this sector to achieve the objectives.

“This will occur at the sub-national level. The estimated total public investment in the sector during the planned period is N1.54tn. In addition, the primary regulators of each of the financial sector components will contribute to such investments”

Read: Shareholders urge CBN to reduce banks’ CRR

“These agencies include the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission, and the National Pension Commission. Operators in the financial sector will also invest to achieve the goal of the Plan for this sector.

“Some of these players that are government-owned are largely the DFIs, including the Bank of Industry, Development Bank of Nigeria, Bank of Agriculture, Nigeria Export-Import Bank, Infrastructure Bank of Nigeria and Nigeria Sovereign Investment Authority.”

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Tags: CBNCentral Bank of NigeriaFinancial services sector

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