20 February 2014

Nigeria: Stable Fiscal and Monetary Policies Will Continue - Okonjo-Iweala

Abuja — Tight fiscal stance, stabilizing Naira, job creation priorities

The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has assured that the recent developments at the Central Bank of Nigeria will not change the economic policy focus of the country.

Specifically, macro-economic stability and a tight fiscal stance which have been the hallmarks of the Jonathan administration will continue to be maintained to continue the transformation of different sectors of the economy especially in job creation and infrastructural development.

She added that the government will continue on policies which will help the Naira to stabilize.

She stated that while it is normal for the markets to react to a major development involving a key economic manager, things will settle down as it becomes obvious that policy continuity is being maintained.

The Minister expressed confidence in the competence of the new Acting Governor of the Central Bank, Dr Sarah Alade to manage the institution and ensure the continuation of the monetary policy focus that prevailed under Mr Sanusi Lamido.

She recalled that Dr Alade who was Deputy Governor in charge of Policy has been a key player in the formulation and execution of the policies of the CBN under Sanusi and is therefore in a good position to continue with the policies.

Dr Okonjo-Iweala asserted that the fundamentals of the economy remain strong despite challenges, citing single-digit rate of inflation, reserves of over N41.4 billion, and other healthy indicators.

She wished Mr Sanusi Lamido Sanusi well in his future plans.

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