NECA charges Emefiele on access to cheap fund
The Nigeria Employers’ Consultative Association (NECA), yesterday, urged the Central Bank of Nigeria (CBN) to focus more on the real sector of the economy, increase credit to the private sector. It also said greater effort should be made to ensure the convergence of the foreign exchange (FOREX) market in the next five years.
The Director General of NECA, Mr. Timothy Olawale, stated this in Lagos while giving insight into the expectations of organised businesses of the CBN for
the next five years. He said the CBN governor should, as a matter of urgency, give more attention to the real sector of the economy, stressing that access to cheap capital had remained the bane for manufacturers
“Increased credit should be made available to the private sector while greater effort should be made to ensure the convergence of FOREX. Deliberate and structured engagement between the CBN and organised businesses should be instituted and special support given to the Small and Medium Scale Enterprises (SMEs),” he said
Olawale commended President Muhammadu Buhari for re-nominating the CBN Governor, Mr. Godwin Emefiele, for another term in office, stressing that Nigeria’s monetary and fiscal environment had witnessed some progress and tended to be in the right direction since the assumption of office of Mr. Emefiele.
“The past five years of the CBN Governor heralded growth and development, focused policies and interventions in many sectors of the economy. Of note is the Anchor Borrower Programme (ABP), ban on FOREX for staple foods, the Micro, Small and Medium Scale Enterprises Development Fund, attempts at promoting financial inclusion, financial boost to the creative industry, the N213bn Electricity Market Stabilisation Facility, support for the textile sector, among other commendable projects,” he noted.
He said, “Organised businesses expect stability and consolidation of the gains achieved in the last five years. We extend our hands of partnership to the CBN governor with the view of achieving a win-win situation for organised businesses and our nation, Nigeria.”