CBN seeks synergy between FG, states financial policies

The Central Bank of Nigeria (CBN) has said it is critical to coordinate fiscal and monetary policies at the federal and states levels for macroeconomic stability.

The CBN Governor Mr. Godwin Emefiele gave the indication yesterday while declaring open the 2015 Monterey and Fiscal Policy Coordination (FLAC) workshop in Abuja.

Represented by the a Deputy Governor in the CBN, Mrs Sarah Alade, the CBN governor said it was to ensure synergy between the states and the federal government fiscal and monetary regimes that the states were invited for the first time to participate in the workshop. At least 29 states participated.

We are talking about the need to diversify the economy but the policies go beyond this committee. So at the end of the workshop, recommendations will be made and policy options advanced, Emefiele said. Manufacturers Association of Nigeria [MAN] has called for the resuscitation of ailing industries in the North east sub- region.

The chairman of the association in charge of the North east region, Dr. Ahmed Mai. Abba, made the call while speaking to journalists in Bauchi.

He said that the revival of the industries will bring about a solution to extremism and insurgency in the region.

He said when fully resuscitated a number of unemployed youths would be engaged in useful ventures which will reduce their involvement in criminal activities and their vulnerability to be recruited by insurgents.