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CBN, Banks Launch N1bn Charitable Endowment Fund



The Central Bank of Nigeria (CBN) has announced N1 billion Bankers’ Charitable Endowment Fund, which is targeted at funding social programme across the states and local communities in Nigeria as part of initiatives to further better the lives of the citizens of the country.

Announcing the fund at the Annual Bankers Dinner in Lagos at the weekend, the Governor of the CBN, Godwin Emefiele urged players in other industries in the country to work together and collaborate to better the lives of Nigerians.

Emefiele said the Bankers’ Charitable Endowment Fund, which will fund a major charitable initiative every year starting in 2020, will directly fund strategic social programmes in states and local communities across Nigeria.

He noted that the fund had been borne out of discussion with players in the banking industry, who desired to increase their support for social causes that are beneficial to society, adding that the banking industry has a critical role to play in the growth of the economy, as access to credit can spur household consumption and domestic production of goods and services.

“As we push forward on our priorities to drive economic growth, it is also critical that the banking industry remains focused on having a positive social impact on society. I am glad that the banking sector is making significant contributions in this direction, as five percent of its annual profits are dedicated to the Agric-Business/Small and Medium Enterprises Investment Scheme.

“The scheme has supported farmers, entrepreneurs and small businesses in engaging in productive activities. This contribution does not mean that we should relent in supporting social causes that are beneficial to society. If we all work together, we will be able to generate double digit growth numbers in the near future.”

Speaking on border closure, Emefiele noted that Nigerians must discourage the propensity to import what can be produced in the country. “This is because if we do not reduce imports, the same imports will kill us knowing fully well that such activities do not aid our efforts in creating jobs and supporting the growth of our local industries.

“If we choose to support excessive imports of goods that can be produced in Nigeria, we will lose jobs, our industries will die and insecurity and other social vices in our land will continue to increase. We must choose this alternative path of improving domestic production, which will support the growth of our local economy.

“While errors have been made in the past, we must forge ahead knowing that it is indeed still possible to attain a great Nigeria. But this can only be achieved if we work together and engage in activities that support improved production and consumption of goods and services that can be produced here.

large enough to generate considerable scale and high returns for any efficient business.

“As the monetary and fiscal authorities continue to work tirelessly to support the recovery of our economy, I would like to reiterate that Nigeria is indeed open for foreign investors who are keen to support our efforts at unlocking the immense opportunities in our economy, knowing that it offers mutual gains to both the investors and the nation.

“Investors can be assured that their investments in Nigeria would be duly protected by the authorities, as we are fully aware of the various advantages they can provide to our economy in terms of capital and technological know-how. We hereby reaffirm our commitment to investors that Nigeria is indeed open for business.