The Centre for the Promotion of Private Enterprise, CPPE, has said the Central Bank of Nigeria, CBN, prolonged monetary policy tightening has worsened the country’s development finance gap, which it estimates at over N50 trillion.
The Chief Executive Officer of CPPE, Muda Yusuf, disclosed this in a statement issued at the weekend, warning that an overreliance on conventional monetary policy risks undermining investment and growth in key productive sectors.
According to the economic think tank, Nigeria cannot depend solely on commercial banks to finance industrialisation and agricultural transformation, given the country’s huge financing needs.
CPPE urged the CBN to rethink what it described as its retreat from development financing and called on both the apex bank and the Federal Government to significantly recapitalise the Bank of Industry and the Bank of Agriculture to bridge the funding gap.
“CPPE estimates a conservative current real-sector financing gap of over N50 trillion when account
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