Emefiele unveils 5 years plan for cbn

You're referring to the 5-year plan unveiled by Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), for the country's economic development.

On July 27, 2021, Emefiele presented the CBN's 2021-2025 Medium-Term Development Plan, which outlines the bank's strategic objectives and priorities for the next five years. The plan is designed to support the country's economic recovery, growth, and development, with a focus on key areas such as:

  1. Monetary Policy: The CBN aims to maintain price stability, promote financial inclusion, and ensure a stable financial system.
  2. Financial Inclusion: The plan seeks to increase access to financial services, particularly for the underserved and unbanked segments of the population.
  3. Economic Diversification: The CBN aims to promote diversification of the economy, reduce dependence on oil, and increase non-oil exports.
  4. Inflation Control: The plan targets a single-digit inflation rate, which is expected to promote economic growth and stability.
  5. Financial Stability: The CBN aims to maintain a stable financial system, reduce systemic risks, and promote the development of the financial sector.
  6. Payment Systems: The plan seeks to improve the efficiency and effectiveness of payment systems, including the development of a digital payment ecosystem.
  7. Micro, Small, and Medium-Scale Enterprises (MSMEs): The CBN aims to support the growth and development of MSMEs, which are critical to job creation and economic growth.
  8. Agricultural Development: The plan seeks to promote agricultural development, increase food security, and reduce reliance on imported food items.
  9. Infrastructure Development: The CBN aims to support the development of critical infrastructure, including transportation, energy, and telecommunications.
  10. Digital Economy: The plan seeks to promote the development of the digital economy, including e-commerce, fintech, and other digital payment systems.

To achieve these objectives, the CBN has outlined several strategies, including:

  1. Monetary Policy Instruments: The CBN will use monetary policy instruments, such as interest rates and reserve requirements, to manage inflation and promote economic growth.
  2. Financial Sector Reforms: The plan includes reforms aimed at strengthening the financial sector, including the development of a more robust regulatory framework.
  3. Innovation and Technology: The CBN will promote innovation and technology in the financial sector, including the development of digital payment systems and fintech.
  4. Capacity Building: The plan includes initiatives aimed at building the capacity of financial institutions, including training and development programs for financial sector professionals.
  5. Collaboration and Partnerships: The CBN will collaborate with other government agencies, international organizations, and the private sector to achieve its objectives.

Overall, the CBN's 2021-2025 Medium-Term Development Plan is designed to support the country's economic development, promote financial inclusion, and ensure a stable financial system.