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

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

CBN - lagospost.ng

The Central Bank of Nigeria (CBN) and others, particularly financial sector regulators, would invest N1.54 trillion over five years to enhance liquidity in the banking sector.

According to the Federal Government’s National Development Plan 2021-2025, the government plans to raise the liquidity thresholds in each segment of the financial system to levels that will maintain the country’s growth and development.

The investment will also be used to optimize all parts of the country’s balance sheet in order to free up the cash required to support the economy’s stability, growth, and transformation.

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.

These government institutions’ investments will be used to coordinate and support the private sector in order to fulfil the NDP’s aims.

According to the NDP, private financial industry operators like banks, insurance companies, exchanges, and others will be coordinated to invest and fulfil their objectives.

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”

“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.”

Previous article‘CP Odumosu’s illegal arrest of Brooks Estate guards, irresponsible and an abuse of power’ -Lawyer
Next article“We must hold on to our core values”, Lai Mohammed charges parents, schools


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.