Edo State Governor, Mr Godwin Obaseki, has voiced his criticism of the recent policies introduced by the Central Bank of Nigeria (CBN), stating that they are not conducive to supporting the country’s economic growth. Speaking at an event organized by the Edo Zone of the Bankers’ Committee in Benin City, Governor Obaseki expressed concerns over the impact of raised interest rates on small business owners’ ability to access loans, hindering their expansion and ultimately affecting the country’s growth.
The governor emphasized the need for Nigeria to focus on creating an enabling atmosphere for local production to reduce reliance on imported goods. He highlighted that policies like the recent increase in the monetary policy rate (MPR) would not lead to economic growth, stressing the importance of job creation for Nigerian youths to transform the country into a productive economy.
Governor Obaseki acknowledged the challenges faced by the monetary authorities but emphasized that both fiscal and monetary policies must work hand-in-hand for effective economic management. He criticized the notion of relying solely on the exchange rate as a remedy for economic challenges, advocating for a more holistic approach that prioritizes job creation and local production.
In his address, Governor Obaseki highlighted the importance of focusing on the fundamentals of increasing production and reducing imports to stimulate economic growth. He called for a shift in focus towards fiscal issues to steer the economy out of its current challenges, emphasizing the need for a balanced approach that considers both fiscal and monetary policies.
Daily Trust