Prime Minister Godwin Friday announced that the government will soon roll out a citizenship by investment (CBI) program, with the generated revenue targeted at reducing the national debt and funding a new National Development Bank.
Speaking during a recent studio interview on NBC radio, Friday outlined his administration’s strategy to address the nation’s economic challenges and stimulate growth. He noted that the capital raised from the upcoming CBI program will serve as vital seed funding for the highly anticipated National Development Bank.
This bank is a flagship project designed to provide much-needed access to credit for small businesses, entrepreneurs, and those who struggle to secure favorable responses from traditional commercial lending institutions.
The Prime Minister emphasized that leveraging the CBI program is highly advantageous, as the revenue acts as “essentially no interest funding” to help finance the new institution.
In addition to fueling local business growth, the CBI initiative is a key component of the government’s strategy to tackle the country’s severe debt crisis. Noting that the current debt-to-GDP ratio inherited by the administration stands at a concerning 113%, Prime Minister Friday stated that a portion of the revenue generated from the CBI program will go toward “paying down our massive debt”.
Friday said the integration of CBI funds alongside grants and concessional funding from international partners will ensure the National Development Bank is adequately capitalized without draining limited government resources.
The Prime Minister assured that the government can unlock the country’s economic potential without the bank becoming a tax revenue burden on the citizens.