CBN moves to strengthen DFIs, launches final operating guidelines

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The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Tuesday reiterated the bank\’s commitment towards making the Development Finance Institutions (DFIs) in the country more pro-active and better equipped to support the present administration\’s economic growth agenda. \r\nHe said there was need for a paradigm shift in the funding model for DFIs which had largely performed below standard over time, if they must live up to their mandate of supporting key sectors of the economy amid the current fiscal challenge occasioned by falling price of oil. Current DFIs include the Bank of Agriculture (BOA) Bank of Industry (BOI), Federal Mortgage Bank of Nigeria (FMBN), Nigeria Export-Import Bank (NEXIM) and the Infrastructure Bank. \r\nEmefiele, particularly expressed dissatisfaction that out of a total credit of N14.7 trillion granted to the economy as at June 30, 2015, the share of DFIs stood at only N760.8 billion or 52 per cent of the entire sum, stressing that DFIs commitment must increase significantly in order to make the needed impact on targeted sectors.

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