Nigeria, Aug. 3 -- The Centre for the Promotion of Private Enterprise (CPPE) has urged the federal government and the Central Bank of Nigeria (CBN) to overhaul the country's development finance framework, warning that Nigeria's productive sectors face a financing shortfall of more than N50 trillion.

In a policy brief released on Sunday and signed by CPPE's CEO, Muda Yusuf, the advocacy group argued that the country's current financial system cannot provide the affordable, long-term funding needed by manufacturers, farmers, agribusinesses, exporters, and micro, small, and medium-sized enterprises (MSMEs).

CBN had earlier curtailed its development finance interventions to concentrate on its primary mandate of ensuring price and monetary s...