The Bank of Industry (BOI) has so far disbursed N198 billion out of the N200 billion power and aviation sectors intervention fund which has been released by the Central Bank of Nigeria (CBN) for onward disbursement to participating companies.This was disclosed by the CBN Governor, Mallam Lamido Sanusi, at the second public lecture organised by Kresta Laurel Limited in Lagos, last week.Speaking on the topic titled Infrastructure, Industrialisation and the Nigerian Economy, the CBN Governor pointed out that the apex banks decision was informed by strong desire to help the critical sectors of the economy, adding that poor infrastructure base in the country was of concern to the regulator.Sanusi, who was represented by CBN Deputy Governor, Corporate Services, Suleiman Barau, noted that high interest rate, coupled with low deposit rate was affecting the viability of Nigerian companies, stressing that the apex bank would continue to enthrone a credible monetary regime that would support the real sector of the economy.The CBN will continue to provide adequate support to promote growth in the real sector of the Nigerian economy. The ultimate goal of the CBN support is to establish a credible monetary regime that will facilitate the attainment of key mandates of ensuring price and monetary stability, promotion of financial sector soundness and stability, production of goods and services which promotes sustainable economic growth and employment creation in the medium to long term, he said.He disclosed that the dearth of infrastructure in the country made it imperative for government to engage the private sector in a public private sector partnership (PPP), adding that stability in the financial sector would also engender infrastructural financing from the banks; Urban Development Bank partners and South African bank on infrastructure developmentThe Urban Development Bank of Nigeria Plc (UBDN) has signed a co-operation agreement with the Development Bank of South Africa (DBSA) on infrastructure development.The agreement between the two leading economies on the continent was signed in Midrand, South Africa, by the Managing Directors of both development banks, Mr Adekunle AbdulRazaq Oyinloye of UDBN and Dr. Paul Kibuuka of the DBSA Development Fund on behalf of their respective organisations.The bi-lateral agreement signals a new era of economic cooperation for both nations and clears the path for the sharing of ideas and expertise on a broad range of infrastructure-related matters.Experts believe this multi-purpose agreement will promote business; technology and knowledge exchange between two regional economic blocs, the Economic Community of West African States (ECOWAS) and the Southern African Development Community (SADC), and enhance the capacities of stakeholder groups on both sides of the NigeriaSouth Africa border in the delivery of infrastructure projects.According to Oyinloye, the two development banks are collaborating with the express goal of improving the capacities of both public and private sectors to deliver infrastructure, stressing the need for synergy between leading Development Finance Institution DFIs that have excelled in addressing infrastructure especially through Public Private Partnerships (PPPs).On his part, Kibuuka highlighted the versatility of the DBSA as a Development Finance Institution, wholly owned by the government of South Africa. The DBSA simultaneously focuses on investments and joint ventures/partnerships in the public and private sector financing.According to Kibuuka, The DBSA continues to make significant contributions towards sustainable socio-economic development by funding physical, social and economic infrastructure.He said that the DBSA would work closely with UDBN to build on the great work being done at the Local and State Government levels of Nigeria in order to replicate our success stories with municipalities (sub-national governments) and large ticket PPP infrastructure deals in Nigeria.
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