The 10-point agenda of the new Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has received the endorsement of the Lagos Chamber of Commerce and Industry but the body wants the CBN boss to unveil his implementation guidelines for the policies.
A statement issued after the LCCI’s council meeting in Lagos quoted its Director-General, Mr. Muda Yusuf, as saying this.
“The LCCI requests that the CBN to quickly unveil its implementation guidelines on new policy direction to allow for a more robust conversation and engagement,” the director-general said.
He added there was need for Emefiele to focus on the reduction in interest rates and job creation among other policy directions.
For instance, he said, “Reduction in interest rates will help to stimulate growth and catalyse job creation; this is a position that the LCCI has canvassed over the years because of the adverse consequences of persistent credit squeeze and high interest rate on private sector performance.”
Yusuf listed other areas the new CBN helmsman should focus on as: adoption of employment numbers as a key parameter in the determination of the direction of monetary policy; deepening the role of the CBN in development finance to promote the development of agriculture, industry, Small and Medium Enterprises, and the power sector; improvement in payment system; and sustenance of financial system stability.
The DG said the LCCI also expressed concern over the slow pace of impact of the power sector reform and urged that the weak links in the power delivery chain should be identified and fixed.
He said the LCCI wanted the Federal Government to support the power sector investors to tackle the current challenges, adding that this was necessary because of the strategic nature of the power sector in the economy.
“Council called for closer collaboration between the Bank of Industry and stakeholders to fine-tune some of its credit rules and conditions for enhanced value delivery to investors and the acceleration of the industrialisation process,” Yusuf said.
He added, “Council noted the security situation in the country and its consequences for the economy and job creation. It welcomed the global coalition against the insurgency and advised the Federal Government and the security agencies to take maximum advantage of this backing to put an end to the menace of terrorism in the country.”
Punch
