Nigeria Business & Finance Updates

CBN unveils bankers’ endowment fund

the Governor, Central Bank of Nigeria, Mr Godwin Emefiele, says the bank has established a Bankers’ Charitable Endowment Fund for social programmes in various states and local communities across Nigeria.

He said this while delivering a keynote address titled, ‘Strong sustainable growth for the Nigerian economy’, as part of the unveiling of the bank’s plans for 2020.

He spoke on Friday at the 54th annual bankers’ dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos.

During the event, he listed the bank’s priorities for 2020 as support for greater economic growth, price stability and low inflation as well as continued tight monetary policy.

He said the endowment fund would finance a major charitable initiative every year, beginning from 2020.

Emefiele said, “The Bankers’ Charitable Endowment will directly fund strategic social programmes in states and local communities across Nigeria.”

He expressed the hope that the fund would spur other industries and sectors to work together to better the lives of all Nigerians.”

Speaking on the developments in the country’s economic and financial sector over the past year and how they affected the macro-economic outlook for 2020, the CBN governor said growth had remained slow due to “some structural constraints” in the economy.

According to him, the pace of growth, given Nigeria’s growing population, exposed the economy to shocks, such as changes in the oil price and sentiments in the global financial markets.

Disclosing plans by the CBN to support the economic recovery and enable stronger growth for the country’s Gross Domestic Product, Emefiele said that the bank would continue its current tight monetary policy, particularly in view of rising inflation expectations.

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“Though we will act to appropriately adjust the policy rate in line with unfolding conditions and outlooks, the CBN will continue to ensure that the policy interest rate is delicately set to balance the objectives of price stability with output stabilisation,” he said.

According to him, the pace of growth, given Nigeria’s growing population, exposed the economy to shocks, such as changes in the oil price, and sentiments in the global financial markets.

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