• About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, April 1, 2023
Daily Concord News
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World

    DSS Confirms Plot For Interim Government

    “Nigeria College of Taxation and Fiscal Studies” Bill Passes Second Reading

    No Secret Meeting Between CJN And President-Elect – APC CC

    No Secret Meeting Between CJN And President-Elect – APC CC

    Full list of 16 Constitution Alteration Bills President Buhari Assented

    Full list of 16 Constitution Alteration Bills President Buhari Assented

    Christian Pilgrimage: NCPC Boss Visit Israeli Ambassador

    Christian Pilgrimage: NCPC Boss Visit Israeli Ambassador

    Nami: Road Infrastructure Tax Credit Scheme, One of the Greatest Innovations of FG

    Nami: Road Infrastructure Tax Credit Scheme, One of the Greatest Innovations of FG

    Trending Tags

    • Politics
    • Business
    • Sports
    • Entertainment
      • All
      • Gaming

      Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

    • Tech
      • All
      • Startup

      DG NITDA Urges Computer Sciences Students to Drive ICT Innovation

      How To Apply For Bridge To MassChallenge Nigeria 2021

      How To Apply For Bridge To MassChallenge Nigeria 2021

      DG NITDA Urges Young Lawyers To Use Artificial Intelligence In Legal Services

      DG NITDA Urges Young Lawyers To Use Artificial Intelligence In Legal Services

      Digital Economy: NITDA Assures e-Business Industry Heads Of Public Private Partnership

      Digital Economy: NITDA Assures e-Business Industry Heads Of Public Private Partnership

      Digital Nigeria 2021

      Call For Abstracts: Digital Nigeria 2021

      5G Network Crucial To 4th Industrial Revolution – DG NITDA

      Literacy Day: FG To Train 6000 Nigerians On Digital Skills In 11 States

      Trending Tags

    • Lifestyle
      • All
      • Culture
      • Food
      • Health
      At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

      At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

      Femi Odekunle; The Pains That Won’t Go! By Haruspice

      Femi Odekunle; The Pains That Won’t Go! By Haruspice

      The Unifying Factor of Culture

      Examining Arts as a Unifying Elements

      The Unifying Factor of Culture

      The Unifying Factor of Culture

      Senate President Greets Asiwaju Bola Tinubu @69

      Senate President Greets Asiwaju Bola Tinubu @69

      Abuja Global Shapers Hub Pay A Velentine Day Visit To Kubwa General Hospital

      GIVE A GIFT – The Abuja Global Shapers Valentine’s Edition

      Trending Tags

    • Opinion
    No Result
    View All Result
    Daily Concord News
    No Result
    View All Result
    Home Business

    CBN’s N15 trillion Boost for Infrastructure by Salisu Dambatta  

    July 24, 2020
    in Business, Opinion, Politics
    3 min read
    0
    23
    VIEWS
    Share on WhatsAppShare Share

    The Central Bank of Nigeria (CBN) under the leadership of Chief Godwin Emefiele has become an activist and real interventionist institution that is consistently bringing in new and highly creative initiatives aimed at supporting and boosting Nigeria’s economic growth.

    The latest novel initiative in development financing by the apex Bank is its proposal, which has made an appreciable progress, to collaborate with other local and extranational financial institutions to raise a N15 trillion fund over a five-year period for the financing of infrastructure in the country.

    The CBN governor said, “The CBN will promote the establishment of an InfraCo Plc. It will be a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion.” The Federal Government has approved the initiative.

    He listed the key  objectives of the InfraCo Plc fund, “This fund will be utilized to support the Federal Government in building the transport infrastructure required to move agriculture products to processors, raw materials to factories, and finished goods to markets, as envisaged at the CBN Going for Growth Roundtable in March 2020.”

    The CBN initiative on infrastructure development is in line with the policy thrust of the administration led by President Muhammadu Buhari to ensure that the country has adequate, evenly-spread, high grade infrastructure to support the growth of the Nigerian economy and the need of the country’s 200 million-strong population.

    Indeed, the administration has demonstrated the resolve to achieve that objective by floating the Presidential Infrastructure Development Fund with an initial cash of N600 billion through which the Second Niger Bridge, the reconstruction of the Lagos-Ibadan Expressway and the Abuja-Kaduna-Kano dual carriageway are  funded. The CBN governor should list the specific and locations of the Infrastructure projects the N15 trillion will finance. This will fit the pattern of ensuring a balanced spread of the projects for  even national development.

    Given the much-praised ongoing and completed infrastructure projects in the country, and the funding required to create new railway lines, more power generation plants, additional sea and inland ports, the Infrastructure Company Plc has come at the time it is most needed to help the country minimize its infrastructure deficit. It will also create hundreds of thousands of new jobs and preserve existing ones, thus furthering the much-applauded ambition of the Muhammadu Buhari-led Federal Government to create 100 million jobs and drastically reduce poverty in the country.

    An important point which analysts believe will make the Infrastructure Company Plc a viable venture is that its financial resources would be managed by an Independent Infrastructure Fund Manager (IIFM). This will insulate it from undue influence by powerful figures who have sabotaged laudable economic initiatives by squandering borrowed money on unearned lifestyles, thereby causing the collapse of otherwise viable initiatives.

    The proposal to create the InfraCo Plc with a N15 trillion fund came on the heels of other interventions by the CBN, which Emefiele said were aimed at strengthening the Nigerian economy. The interventions include the provision of “a combined stimulus package of about N3.5 trillion in targeted measures to households, businesses, manufacturers and healthcare providers. These measures are deliberately designed to both support the Federal Government’s immediate fight against COVID-19, but also to build a more resilient, more self-reliant Nigerian economy.”

    Other major historic interventions by the CBN are the Anchor Borrowers Schemes designed to enhance our self-sufficiency in the production of certain commodities. The nearly one dozen commodities include Rice, Palm Oil, Cotton, Yam and Tomato. The effort has virtually ended officially-supported importation of rice, in which Nigeria is now 97 percent self-sufficient.

    It can equally be  recalled that the CBN has reduced interest rates on intervention facilities from 9 percent to 5 percent and created a N50 billion credit facility for households and SMEs affected by the covid-19 pandemic. It has also  strengthened the Loan-Deposit Ratio regime, which is expected to encourage more lending to businesses by banks.

    The CBN of Godwin Emefiele era has provided N100 billion and N1 trillion to support the Healthcare industry and to manufacturers respectively. The outcomes of these interventions were manifested in the domestic manufacture of essential health commodities used in facing the Covid-19 pandemic; and ensuring that our key  factories continued to produce critical items for the wellbeing of Nigerians.

    Given its roles and interventions in the fashion of an activist, trigger and stimulator of the Nigerian economy for sustainable growth, the CBN has earned a good reputation for itself and its current leadership. It should sustain those roles and the tempo of introducing new initiatives.

    Tags: CBNinfrastructureSalisu Dambatta
    SendShare7Tweet4Share1Send
    Previous Post

    Osinbajo Welcomes International Community Support’s for ESP, Covid-19 Response

    Next Post

    Former Speaker Yakubu Dogara Returns to the Ruling Party

    Next Post

    Former Speaker Yakubu Dogara Returns to the Ruling Party

    Stay Connected test

    • 517 Fans
    • 13 Followers
    • Trending
    • Comments
    • Latest

    How Atiku’s Lawyer’s Travelled To Cambridge To Confirm Buhari’s Certificate – And The Disappointment That Followed

    September 6, 2019

    Vanguard Apologizes To Professor Osinbajo Over Fake News, Retracts Story

    September 25, 2019

    I Will Waive my Constitutional Immunity to Clear my Name – Osinbajo

    September 25, 2019

    N90bn scandal: Stop Threatening Media Houses, Sue me, Frank tells Osinbajo

    September 25, 2019

    DSS Confirms Plot For Interim Government

    0
    Nigeria

    Lest We Forget: Security Issues in Nigeria from 1999 to Date!

    0
    Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

    Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

    0
    Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

    Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

    0

    DSS Confirms Plot For Interim Government

    March 29, 2023

    “Nigeria College of Taxation and Fiscal Studies” Bill Passes Second Reading

    March 27, 2023
    No Secret Meeting Between CJN And President-Elect – APC CC

    No Secret Meeting Between CJN And President-Elect – APC CC

    March 23, 2023
    President Buhari Inaugurates Game Changing National Counterterrorism Centre, New ONSA Building

    President Buhari Inaugurates Game Changing National Counterterrorism Centre, New ONSA Building

    March 21, 2023

    Recent News

    DSS Confirms Plot For Interim Government

    March 29, 2023
    19

    “Nigeria College of Taxation and Fiscal Studies” Bill Passes Second Reading

    March 27, 2023
    18
    No Secret Meeting Between CJN And President-Elect – APC CC

    No Secret Meeting Between CJN And President-Elect – APC CC

    March 23, 2023
    15
    President Buhari Inaugurates Game Changing National Counterterrorism Centre, New ONSA Building

    President Buhari Inaugurates Game Changing National Counterterrorism Centre, New ONSA Building

    March 21, 2023
    16
    Daily Concord News

    Bringing the most intriguing News from around the world you everyone in a positive way

    Follow Us

    Browse by Category

    • Africa
    • Basketball
    • Business
    • Culture
    • Economy
    • Education
    • Food
    • Football
    • Foreign Affairs
    • Gaming
    • Health
    • Health
    • Interviews
    • Lifestyle
    • local
    • News
    • Nigeria
    • Opinion
    • Politics
    • Science
    • Security
    • Sports
    • Startup
    • Tech
    • Uncategorized
    • World

    Recent News

    DSS Confirms Plot For Interim Government

    March 29, 2023

    “Nigeria College of Taxation and Fiscal Studies” Bill Passes Second Reading

    March 27, 2023
    • About
    • Advertise
    • Privacy & Policy
    • Contact

    © 2019

    No Result
    View All Result
    • Home
    • News
    • Politics
    • Business
    • Sports
    • Entertainment
    • Tech
    • Lifestyle
    • Opinion

    © 2019

    Go to mobile version