The Central Bank of Nigeria (CBN) has injected N7 trillion into the economy as loans in three years, it was learnt yesterday.
CBN Deputy Governor, Financial Systems Stability, Mrs. Aishah Ahmad, dropped the hint at the 40th anniversary summit of the Financial Institutions Training Centre (FITC) in Lagos.
Significant developments, she said, had brought discussions about Africa’s potentials back to the forefront.She stated that the financial system, just as it was in mapping the economic recovery route from COVID-19, would be critical in realising Africa’s enormous potentials.
Mrs. Ahmad stated that the CBN, under the management of Governor Godwin Emefiele, was committed towards an inclusive growth and LDR policy which had been positive, adding that N7 trillion in retail loans was an unequalled record.
She said: “Over the years the CBN has tried to ensure that we drive lending to the real sector. You would agree with me that the policy under Governor Emefiele over the last few years, has really emphasised on this, not only in terms of intervention funds given but in terms of some of the policies put in place, such as loan to deposit ratio (LDR) which when we instituted it in 2019 till now actually added about N7 trillion or so in loans, and which is quite unprecedented.”