The Buhari Media Organisation (BMO) has attributed the Central Bank of Nigeria’s (CBN) granting of N23 billion loans to 28 companies, as economic diversification strides of the President Muhammadu Buhari’s administration.
It said the Buhari administration’s commitment to the empowerment of qualified and genuine local investors to boost production and productivity in various sectors of the economy was for the overall benefit of all Nigerians.
BMO applauded the latest intervention loan support fund tagged: “100 for 100 Policy for Production and Productivity”, as part of CBN’s series of interventions to assist indigenous companies in the last six and half years of the Buhari administration.
It said: “the overall objective is to create the flow of finance and investments to enterprises with the potential to catalyse sustainable economic growth, accelerate structural transformation, promote diversification and improve productivity.”
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In a statement issued by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, the BMO noted that CBN’s latest intervention would go a long way to complement Federal Government’s efforts to transform and catalyse the productive base of the economy in its diversification efforts.
The group also commended the CBN Governor, Godwin Emefiele, for his role in macro-economic stabilisation, which was aided by the protection and liberalisation of the foreign exchange window and which prioritised the most productive sectors and laid the foundation for a robust and diversified economy.
“We are convinced that the latest initiative of the CBN will go a long way to significantly measure domestic production and productivity, reduce imports, increase non-oil exports and an overall improvement in
foreign exchange as well as generate an increase in the capacity of the economy,” it added.
The group also appealed to the beneficiaries of the CBN loan to make judicious use of the funds in line with the guidelines and conditions and ensure repayment as and when due.
The BMO also urged Nigerians to continue to support the President, as he consolidates on his achievements in this last lap of his administration.
