CBN Woos Banks To Support Nigerian Firms 

The Central Bank of Nigeria (CBN) has urged Nigerian banks to support indigenous companies to increase foreign exchange inflows and boost economic growth.
Towards this end, the African Development Bank (AfDB) has embarked on the designing of youth entrepreneurship investment banks in 13 African countries, including Nigeria.
The bank also disclosed that it had obtained approval from its Board of Governors to develop a Security Index Investment Bond to address insecurity in Africa.
A CBN team on inspection of projects funded through Deposit Money Banks in Lagos advised the banks late on Friday.
It noted that the apex bank was counting on these companies to expand export earnings and achieve the goal of $200 billion in foreign exchange repatriation in three to four years.
The Tide’s source  reports that the CBN team visited the Pinnacle Oil and Gas FZE, Candel Company Ltd., Lagos Free Zone and Sana Building Systems, all in Lagos State.
The Head, Legal Services Department of CBN, Mr Kofo Salam-Alada, during a visit to Candel Company Limited., called on banks to support Nigerian companies to grow production in the country.
“With what the company is doing I believe that bankers should start coming for them; it’s not just the Central Bank’s Intervention Funds, Nigerian banks should seek them to see how they can partner with them to drive it forward.
“The key thing that Nigerians must also know is that we need to support our own, not just in terms of employment generation; for the CBN that is interested in increasing foreign exchange in this country, it is something that needs to be supported”, he said.
Director, Banking Supervision Department, Haruna Mustapha, said what the company was doing was quite complementary to the apex bank’s RT200, designed to boost the non-oil sector.
“Candel stands at two critical junctures; it is a manufacturing outfit. CBN recently introduced the RT200 designed to boost the non-oil sector and what Candel is doing here is quite complementary to that policy.
“So, we need more support for companies like Candel and if we can have them in sufficient critical mass, the future looks great for Nigeria”, Mustapha said.
Meanwhile, the AfDB has embarked on the designing of youth entrepreneurship investment banks in 13 African countries to create wealth in the continent.
President of the AfDB Group, Dr Akinwumi Adesina, said this at a news conference to conclude the Bank’s 2022 Annual Meetings in Accra, Ghana.
On post-harvest losses, Adesina said the Bank had invested one billion dollars in special agro-industrial processing zones to curb food losses.
He listed some countries to benefit including Zambia, Nigeria, Ghana, Cote d’Ivoire, Mauritius, and Mozambique, among others.
Reports said that Egypt will host the next Annual Meetings of the Bank.