20 March 2017

Nigeria: Economy - CBN, Fiscal Authorities Meet to Close Gaps

Ahead of the Monetary Policy Committee meeting (MPC) tomorrow, the economic management leaders from the Central Bank of Nigeria (CBN) and the Ministries of Finance, Budget and National Planning as well as Trade and Investment, over the weekend, gathered in Abuja to harmonise their policy perspectives on forging a pathway for Nigeria's economic recovery.

Speaking at the opening of the two-day Monetary Policy Committee (MPC) retreat at the weekend in Abuja, with the theme: "Pathway to Price Stability Conducive to Economic Growth," the CBN Governor, Mr. Godwin Emefiele, said the country's monetary and fiscal authorities must collaborate and harmonize standpoints so as to develop the economy rapidly.

A statement from the CBN said the meeting was under the auspices of Mr. Emefiele

Mr. Emefiele, who also chairs the Monetary Policy Committee, was also quoted to have said at the MPC Retreat, that "finding a sustainable solution required a broadened participation of colleagues from the fiscal side."

He said that the retreat would provide perspectives on certain Monetary Policy Committee decisions.

In his remarks the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said both the monetary and fiscal authorities had no choice but to work together to guarantee the country's economic growth.

He posited that the pathway to lower interest rate was to ensure monetary and fiscal authorities collaborate with the private sector.

Also speaking, the Minister of Finance, Mrs. Kemi Adeosun, and her Industry, Trade and Investment counterpart, Dr. Okechukwu Enelamah both agreed that solving challenges facing the Nigerian economy required unconventional tactics.

Adeosun, while disclosing that there remained a huge number of unbanked Nigerians whose contributions to the economy are hardly captured, said the government must devise ways to bring them into the financial mainstream. She also hinted that, based on the current realities, the Federal Government would have to borrow more to meet its infrastructural obligation.

On his part, Dr. Enelamah emphasized the need for both monetary and fiscal authorities to ensure business, market and investor confidence, as well as policy integrity, in order to improve on the ease of doing business in Nigeria.

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