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Business News of Wednesday, 31 March 2021

Source: The Sun

CBN tasks banks to fund investments in ICT

The Central Bank of Nigeria (CBN) has said it is pushing banks to support viable Information Technology firms with the potential to not only serve the needs of the local market but able to export Information Communication Technology-related services to countries across the world such as India with annual exports in the range of $100billion worth of ICT-related services.         
It said that the sector emerged as a significant source of resilience in mitigating the impact of the COVID-19 pandemic on the economy by contributing over 17.8 per cent to GDP growth by the end of last year; 47 per cent higher than its contributions before the pandemic.

With ICT start-ups emerging to support SMEs, farmers and providing quality learning to students, the bank assured that it will continue to leverage ICT as an enabler for growth in key sectors of the economy.

Speaking at the bank’s special day at the ongoing 32nd Enugu International Trade Fair, Acting Director of Corporate Communications Department, Osita Nwanisobi, acknowledged that CBN Governor Godwin Emefiele had underscored the importance of the ICT sector to the growth of the economy, noting that the three firms issued Payment Service Banks licenses last year, were also expected to leverage ICT channels in improving penetration of digital financial services and products to Nigerians.

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