CBN Floats 37 Interventions As Economic Boosters

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BY ONYEKACHUKWU IBEZIM – The Central Bank of Nigeria (CBN) says it has introduced over 37 intervention programmes as part of measures to boost the economy of the country.

This is as the apex bank blamed issues of insurgency, insecurity, exchange rate and price adjustment in power and fuel among others for the worrying inflation being experienced in Nigeria today

Director of Corporate Communications Department of the apex bank, Mr Osita Nwanisobi, made this assertion at the weekend during a one-day interactive forum with organised labour and civil society on the CBN’s five-year-policy thrust in Enugu State.

Nwanisobi described the CBN’s efforts so far as purpose-driven interventions that are “functionally based, well-thought-out and born out of the critical issues” within the nation’s economic space.

CBN Gov Emefiele

He said the CBN team was in Enugu to discuss the apex bank’s policies and interventions programmes with the significant stakeholders in its resolve to reposition the country’s economy for sustainable growth and development.

According to him; “Our mission is to speak to workers leaders on what we are doing in Central Bank and they will be able to take the message back to their people with the language they will understand so that they will be at peace with what we are doing in CBN.

“We know the issues of insurgency, insecurity, exchange rate, issues of price adjustment in terms of power or fuel and others. All of these are parked together is what we are seeing as inflation today. That is also why CBN is doing massive intervention especially in agriculture,” he said.

Addressing the issue of galloping inflation in the country, the CBN spokesman blamed insurgency, insecurity, price adjustment issues around power and fuel among others for the current challenges in the economy.

Nwanisobi also attributed the rising dollar exchange rate to the importation of goods, maintaining that only a complete diversification of the economy would effectively address the problem.

He said CBN is working hard on diversifying the economy to non-oil sectors through its massive intervention in the agric sector towards reducing inflation and creating more jobs for the country’s teeming youths.

Also making an intervention at the event, Director General of Micheal Imodu National Institute of Labour Studies (MINILS), Comrade Issah Aremu, lauded the Central Bank’s move at promoting a national planning policy for economic growth.

Comrade Issa Aremu

Comrade Aremu noted that the CBN leadership under the watch of its governor, Godwin Emefiele has been focused on agenda setting for Nigerians to produce what they consume as the best way to enhance the country’s economic growth

Aremu, who pledged the MINILS’ commitment to robust partnership with the apex bank to achieve success in this direction, said CBN financing of indigenous companies to improve locally produced goods and the farmers’ contributions to growing the agric sector was also most commendable.

The veteran labour leader said re-industrialization of the country remains the best and only way out of the current economic predicament, adding however that it is kudos to the apex bank for promoting financial literacy among the nation’s workforce.

He explained that the development would aid the workers’ knowledge about issues around the economy, including inflation rate and knowing the difference between policies, their jobs and productivity.

On his part, Chairman of the Nigerian Labour Congress (NLC), Enugu chapter, Comrade Virginus Nwobodo was also all praise for CBN’s intervention programmes, noting that the apex bank has done well in creating a platform for citizens to acquire knowledge about its policies as well as its reasons behind encouraging local productions on a larger scale nationwide.

Comrade Nwobodo described the interactive forum as quite illuminating; educative and enlightening with clear insights on the evidence of the positive effects patronage of locally made goods by Nigerians would have on the economy.

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