Cover image: CBN Governor, Olayeni Cardoso
The Central Bank of Nigeria (CBN) has called on local manufacturers and exporters to explore financing opportunities available through various government agencies as part of broader efforts to ease pressure on the naira and strengthen the country’s export base.
Dr Aisha Olatiwon, the Director of Consumer Protection and Financial Inclusion at the CBN, gave the advice
during the Bankers’ town hall meeting in Lagos yesterday, with the theme, ‘Enhancing the Effectiveness of Nigerian Products’.
” We have the Bank of Industry (BoI) and we also have the development financial institutions. Those people give interest rates below what the commercial banks are giving.
“So I encourage companies to go to those development institutions like the BoI, or other development financial institutions that can give them rates very far below what the banks can give.
So you don’t have to go to the commercial banks to get your funding for your business.”
She urged producers to move beyond conventional reliance on the central bank and take full advantage of interventions from other government-backed institutions established to support export-led growth.