President Muhammadu Buhari says N300 billion has been paid out to farmers, while 1.6 million poor and vulnerable households are currently benefiting from the conditional cash transfer program.
The President announced this when he was 14 years old. The annual banking business and finance conference of the Chartered Institute of Bankers of Nigeria on Tuesday in Abuja.
According to him, one of the various initiatives to promote agricultural trade in Nigeria is the Anchor Borrowers Program.
He explained that the Central Bank of Nigeria had made more than N300 billion available to over 3.1 million smallholders from 21 different raw materials.
He said that the raw materials rice, wheat, corn, cotton, cassava , Poultry, soybeans, peanuts, fish that farm over 3.8 million hectares of arable land.
“It is known that 80% of the rice consumed in Nigeria is now produced locally,” he said.
He added that there s National Social Registers of Poo r and Vulnerable Nigerians identified 32.6 million people from seven million poor and vulnerable households, urging bankers to play a stronger role in improving livelihoods.
“By this one 1.6 million poor and vulnerable households, including more than eight million people, are currently benefiting from the Conditional Cash Transfer Program, which pays a bi-monthly grant of N 10,000 per household, “he said.
President Buhari said that the National Social Investment Program is the largest in sub-Saharan Africa and one of the largest in the world.
To further strengthen reconstruction and enable more Nigerians, President Buhari said he founded InfraCo Plc last year , a world-class infrastructure development, approves vehicle fully focused on Nigeria with a combined seed capital of debt and equity tal of 15 trillion N.
He said the company is managed by an independent infrastructure fund manager.
“The Solar Power Naija project was launched in April 2021 with the goal of five Providing millions of off-grid solar connections for Nigerian households.
“In May 2021, the Rural Electrification Agency announced the planned use of solar-powered grids for 200 primary health centers and 104 unity schools across the country.
“As part of the Family Homes Fund Limited, the Nigerian federal government’s social housing program, more than two thousand acres of land with title documents from 24 states with the capacity for approximately 65,000 new homes.
” The Central Bank of Nigeria is providing a financing facility of N200 billion with a guarantee from the federal government, ”he said.
The President confirmed that the theme of the conference was“ Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance “is most appropriate after the global shocks from COVID-19.
” I applaud the institute and the entire banking and finance industry for their commitment to one practical path for economic recovery and transformation of our country, Nigeria and, more broadly, Africa, as embodied in the theme of your conference Education in our country.
“And more importantly, the role of banks in promoting economic growth in the country.
” I am confident that the speakers that have been carefully selected to contribute to the conference, share insights that will help individuals, businesses and governments at all levels to make necessary adjustments and take the right steps towards our common ground en determination to position Nigeria as one of the leading economies in the world, ” he added.
The president said a report by the National Bureau of Statistics showed that Nigeria’s gross domestic product was in the second quarter Increased by 5.01 percent in 2021; the biggest increase since the fourth quarter of 2014.
“This is good news and an indication that this administration’s efforts to reposition the economy are paying off,” he said.
He urged the bankers and financial institutions to seize the numerous business opportunities to boost the economy.
President Buhari urged financial institutions to play a stronger role to ensure that Nigerian small and medium-sized businesses serve their purpose meet, with assistance in the full implementation of the ‘Agreement’.
“Indeed, the financial intermediary could not be more relevant than at a time like this.
” We need you that Banks to add value by developing new technologies and scaling payments infrastructure to serve the diversified economies that are expected to benefit from this deal, ” he noted / p>
He said technological innovation is also important in the modern business environment, note that most transactions are now online, as it is e “Internet of Things”.
The President stressed that as the country progresses towards the next frontiers of digitization, it must seize all opportunities while taking into account the inherent risks Provide more secure online access, “he said.
President Buhari said the Covid-19 pandemic has changed everything in the world, from interaction, work, communication to general lifestyle.
He noted that the epidemic also opened up new opportunities that helped reshape the economy in the areas of digital transformation, trans-African trade, financial inclusion, security, the workforce of the future, Pharmacy, manufacturing, processing, supply and logistics.
“When we look beyond the impact of the pandemic into the future, there are numerous possibilities ahead of us. As you all know, the African continental free trade area, to which Nigeria is affiliated, offers not only an opportunity for the growth of trade, but also for the growth of pan-African companies.
“It offers opportunities for our young population, the women, the creative industries, the digital economy, the financial services sector, the agricultural value chain, trade, industry, education, and indeed every aspect of the economy, as Nigerians will have unhindered access to the 1.3 billion+ consumer market, ” he said .
The President, in collaboration with the Bankers’ Committee, commended CBN for helping young Nigerians in the fields of fashion, film, music and information technology through the creation of the Creative Industry Financing Initiative.
In a message of goodwill, President Paul Kagame of the Republic of Rwanda said that researching new technologies in the banking sector is a st A greater focus on innovation would improve financial support.
“The banking sector can lead the way in integration. Banking is about trust, ” he said.
CBN Governor Godwin Emefiele said the regulator has been working with the banking committee to address the challenges of Covid-19, which include bringing down the Interest rates belong on borrowing, raising the payment moratorium and injecting N3 trillion in credit into the private sector. “We expect the rate of inflation to slow as we near the harvest season,” he added
He expressed the hope that the banks would remain strong, resilient and healthy.
He said the NH15 trillion infrastructure fund would be inaugurated in October 2021.
According to him, innovations like Nigeria / International Financial will be a gateway for capital and investment, and the digital currency e-naira will improve inclusion.