##ing / restructuring of manufacturer ’ s portfolios with the dmbs, about n199 billion had been paid to the bank of industry ( boi ) for disbursement towards the refinancing / restructuring of manufacturers ’ exposures to the dmbs. also, of the other liquidity injections approved by the cbn, n80. 701 billion had already been disbursed under the commercial agricultural credit scheme ( cacs ), while n368. 84 million had been paid by the bank as its 6. 0 per cent interest rebate obligation on 35 large scale agricultural projects under the agricultural credit support scheme. 5. reform challenges in spite of the achievements so far, a number of challenges have remained. indeed, economic growth has been robust, but a major challenge is how to sustain and translate this into new employment opportunities. the link between the major growth drivers, particularly agriculture and manufacturing, continue to be weak. hence, the manufacturing sector bis central bankers ’ speeches remains an insignificant contributor to growth. there is, therefore, urgent need to address all binding constraints to growth. as you all are aware, inadequate or absence of basic economic and social infrastructure remains a major binding constraint on nigeria ’ s growth and development. there is therefore, an urgent need to fast - track the proposed reforms in some key sectors of the economy, notably power and oil / gas sectors, to attract the muchneeded investment and reduce the huge import bills on refined petroleum products. there is absolutely no reason why our refineries should not be functional. there is also the need to deepen the deregulation process in the electricity and transport sector to attract private investment. the allocation of responsibility for infrastructure development among different levels of government need to be reviewed. resumption of credit to key productive sectors of the economy is key because of the obvious medium - to - long term implications for the real economy. this requires adequate regulatory interventions to develop all sectors of the credit market from microfinance to larger corporations. while acceleration of credit market reform such as dispute resolution mechanism, credit bureau regulation, and leasing laws are very critical, adequate attention must also be given to development of public - private partnership framework, legal framework for rental markets, etc. a major challenge also lies in reducing the high lending interest rate in the face of low money market rates. growing banking system liquidity is still desirable and, hence, the need to quickly bring the banking system reforms to closure. there is urgent need

the potential effect of market - based reforms through private investment and smes - led growth that would contribute to business improvement and confidence. government reforms in the mining and energy sub - sectors are expected to serve as a catalyst for growth and development. while the potential for growth exists in 2024, each sector may encounter unique challenges and opportunities. the services sector is expected to maintain its dominance, driven by mobile money adoption, increased government partnerships, and expanded digital lending offerings. continued digitisation and government support for 2 / 5 bis - central bankers'speeches financial inclusion initiatives are poised to drive growth in the fintech sector in 2024. the agriculture sector is expected to grow at a faster pace due to improved productivity and efficiency resulting from the projected decline in inflation, access to finance, and infrastructure investments. anticipated growth in the industry sector is tied to the expected increase in crude oil production, arising from improved surveillance and infrastructure, better maintenance of plants, and increased investments in the oil sector. the anticipated moderation in pump prices of premium motor spirit ( pms ) due to the expected operational status of the country's key government and privately - owned refineries in 2024 is a pivotal factor in the economic equation. the expected stabilisation or reduction in fuel costs is poised to have far - reaching implications across various sectors, contributing significantly to overall economic efficiency and resilience. inflationary pressures are expected to decline in 2024 due to the cbn's inflationtargeting policy, which aims to rein in inflation to 21. 4 percent. this will be aided by improved agricultural productivity and the easing of global supply chain pressures, benefiting businesses by boosting consumer confidence and purchasing power. the cbn's adoption of the inflation - targeting framework involves clear communication, use of monetary policy instruments, and collaboration with fiscal authorities to achieve price stability, fostering market confidence and positively influencing consumer behaviour. the outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lowered policy rates, stimulating investment, fueling growth, and creating job opportunities. additionally, the bank has reverted to the conventional monetary policy approach with a focus on attaining price stability, which fosters sustainable economic growth for nigeria. our initiatives on fx i am pleased to note our collaboration with the ministry of finance and the nnpcl to ensure that all fx inflows are returned to the central bank. this coordinated effort will greatly enhance the bank's fx flows and