CBN: Our Interventions will Boost Nigeria’s Participation in AfCFTA

The Central Bank of Nigeria (CBN) has said that its interventions in the real sector of the Nigerian economy were targeted at boosting Nigeria’s participation in the African Continental Free Trade Area’s (AfCFTA) agreement.

This was disclosed yesterday by the Deputy Governor of the CBN for Economic Policy, Dr. Kingsley Obiora during the “Town-Hall Meeting with Financial Sector Stakeholders in Respect of the African Continental Free Trade Area (AFCFTA) Agreement,” which was organised by the CBN.

Obiora said: “The CBN has been implementing various development finance programmes aimed at stimulating the real sector activities and diversifying the economy particularly in the agriculture, manufacturing, healthcare and other non-oil sectors. The interventions include the Anchor Borrowers Programme, the Real Sector Support Facility, Export Stimulation Scheme and the Commercial Agricultural Credit Scheme.

“These examples are indications of the central bank’s involvement and commitment to growing our domestic industries and boosting international competitiveness, particularly in preparation for the AfCFTA.”

He pointed out that Nigeria’s government assent to the AfCFTA agreement has made it an imperative for stakeholders in the country’s economy to harmonise various sartorial strategies for the effective maximisation of the opportunities that could be derived from implementing the agreement.

He said: “We believe that the financial sector has the potential to accrue substantial benefits from the AfCFTA in view of the intermediary role of finance in facilitating growth and engendering sustainable growth.

“The critical advantage of the AfCFTA to the Nigerian financial sector would be the removal of barriers for the expansion of financial institutions and services. This advancement will foster the provision of financial service in the continental market at a reduced cost.”

Obiora noted that as a key regulatory agency in the financial sector, the CBN is playing a leading role in engendering risk mitigation methods that would protect the Nigerian financial system from potentially damaging trade policies and position the sector for the benefits associated with the AfCFTA.