The Central Bank of Nigeria has said the country attracted $6 billion foreign investments in the first three months of the year.
Speaking with journalists at the end of the Bankers Committee meeting in Lagos, yesterday, Central Bank of Nigeria (CBN) Director, Banking Supervision, Ahmad Abdullahi noted that confidence in the economy by both local and foreign investors has been on the rise despite the elections.
He said the committee noted that despite the numerous headwinds in the economy, “lending to the private sector and the economy generally has increased and that is very positive news.
“The confidence by foreign investors has also increased. For instance between January and March despite the election, up to $6 billion came in and that is positive news.”
The Bankers Committee also disclosed that it will be setting aside N200 billion for cash crop promotion in the country and would commence disbursement of funds for the creative sector this month.
To this end, he said the committee decided to consolidate on the gains made so far and continue with the initiatives such as import substitution programme, the Anchor Borrowers Programme, and some other initiatives of both the CBN and the Bankers Committee.
On his part, Group Managing Director and Chief Executive of United Bank for Africa (UBA), Kennedy Uzoka, noted that the Bankers Committee will be setting aside not less than N200 billion that will be given at single digit for up to 10 years span to farmers and value chain operators in the cash crop industry.
He, however, stated that the committee believes that the country has not made much progress in its drive to diversify the economy away from oil.
Read more at: https://www.dailytrust.com.ng/nigeria-attracted-6bn-fdi-in-3-months-cbn.html
