Bankers Committee briefing in Lagos.
By Barnabas Esiet.
The Bankers’ Committee has decided to support the Nigerian government in financing the development of social infrastructure across the country.
The committee, an umbrella body of top officials of the Central Bank of Nigeria (CBN) and managing directors of deposit money banks (DMBs) in Nigeria, disclosed this to Journalists in Lagos at the end of its latest meeting.
Members of the committee who took turns to explain decisions taken at the meeting said a sub-committee had been set up to work out modalities for funding the construction of four roads in the country.
The committee also disclosed it’s intention to grow consumer credit and increase lending to the micro small and medium scale enterprises, MSMEs, as part of efforts to help grow the economy.
According to the CBN Director, Banking Supervision, Bello Hassan, “last year the CBN came up with a regulatory measure on loans deposit ratio, LDR, leading to increased level of credit in the system.”
The committee said The paid up share capital of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank has been increased to N7.5 billion while the branches would be increased to 120 from the current 53 using the existing post offices channel across the country.
The managing director of NIRSALbank, Abubarkah Kure said “the bank will fascilitate inclusion as those at the lower level of the economy will have access to funds to create jobs and grow the economy.”