CBN Unfolds 5-Year Plan, Targets Double Digit Growth by 2023
The Central Bank of Nigeria (CBN) has unfolded a 5-year growth plan, targeting double digit and single-digit inflation by 2023.
Under the plan, the CBN Governor, Mr. Godwin Emefiele, said the apex bank also expects $12 billion non-oil exports by 2023.
Emeifele also announced plans to raise capital base for banks to be above N25billion which was the minimum introduced in 2004.
Speaking at a press briefing, the bank said that under the new growth plan, emphasis will be on fostering development of a robust payments system in which many Nigerians will have access to financing in what he described as financial inclusion.
He said that the bank intends to work with the Deposit Money Banks (DMBs) with the target of improving on access of credit facilities to farmers and MSMEs.
He also promised that under his regime, the apex bank will ensure that the interest rate regime will be sustained for the interest of stakeholders.
He said, “We are confident that when implemented, these measures will help to insulate our economy from potential shocks in the global economy.
“In my second term in office, part of my pledge, is to work to the best of my abilities in fulfilling these objectives.”
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