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CBN non-interest COVID-19 programmes step towards inclusive growth – Sultan - The Revealer
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CBN non-interest COVID-19 programmes step towards inclusive growth – Sultan

Sultan of Sokoto, Alhaji Muhammad Saad Abubakar

President-General  Nigerian Supreme Council for Islamic Affairs (NSCIA), His Eminence the Sultan of Sokoto, Alhaji Muhammad Saad Abubakar has described the Central Bank of Nigeria (CBN) COVID -19 non-interest intervention programme as a bold step towards engendering inclusive growth.

The Central Bank of Nigeria (CBN) has released the guidelines for the non-interest version of all its intervention programmes.

The initiative covers the Anchor Borrowers Programme, Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS), Creative Industry Financing Initiative, Micro, Small and Medium Enterprise Development Fund, Real Sector Support Facility (RSSF) and Credit Support for the Healthcare Sector.

The Sultan in a statement by the NSCIA Deputy Secretary-General, Prof. Salisu Shehu noted that “for decades, Nigerian Muslims have been grossly marginalised in the country’s financial sector and other growth, triggering financial interventions of the CBN due largely to the interest element that is usually involved in the schemes.

He added: “In the absence of non-interest finance, the result has been a high rate of financial exclusion among Muslims, as high as over 60% in some Muslim majority communities. This leads to worsening incidence of abject poverty.”

Continuing, the statement said, ” the implication is that without non-interest alternatives, the CBN can hardly attain its goal of 80% financial inclusion earlier targeted for 2020, nor can any meaningful poverty alleviation and economic empowerment programme be actualized in the foreseeable future.”

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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