The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the apex bank is ready to invest in the Information and Communication Technology (ICT) sector in order to stimulate economic growth and development.
Mr. Emefiele said the sector emerged as a significant source of resilience in mitigating the impact of COVID-19 on the economy, by contributing over 17.8 per cent to the GDP growth by the end of 2020.
Represented by the CBN’s Acting Director, Corporate Communications, Mr. Osita Nwanisobi, said the growth of startups in the fintech and health care space rose in response to the COVID-19 pandemic.
According to him, the CBN is pushing other banks to consider viable IT firms that have the potential to not only serve the needs of the local market but can export ICR-related services to other countries.
Mr. Nwanisobi stated that the CBN has made efforts to restore stability to the economy by aiding households and businesses affected by the pandemic following the COVID-19 pandemic.
He said the bank had reduced the interest rate on its intervention loans from nine to five per cent and created a N150 billion targeted credit facility for affected households and small and medium enterprises through the NIRSAL Microfinance Bank.
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