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Monetary Policy worries Industrialists

By on November 19, 2012



Mr Goodie Ibru the President of the Lagos Chamber of Commerce and Industry on Sunday  has stated that despite the positive economic  outlook of Nigeria, the financial and monetary policy from the Central Bank of Nigeria(CBN) to ensure sustainable development is achieved in the Nation.

On a comparative analysis monetary policies in China, Saudi Arabia, Singapore and Russia have been cushioned to boost accelerated economic development with a view to ensuring that there is a seamless flow of resources and capital to encourage the emerging entrepreneurs in the aforementioned Nations.

Nigeria has come to a point where it has to engage more than ever before, private sector participation with paradigms and strategies that guarantee job creation which will tackle unemployment.

Ahead of this week’s Monetary Policy Committee meeting Mr Ibru wants the monetary approach of the CBN to focus on economic growth  through dynamic models  that will resuscicate and revamp the ailing areas in the financial sector.

It was also highlighted that to woo Foreign investors into Africa’s Largest  economy the policy needs to be friendly and comprehensive securing a common ground to ensuring more trade partnerships between Nigeria and other Nations.

Currently the Nation needs to effectively structure its fiscal policy, in a way that will insulate it from any internal or  external shocks , which could emanate from the volatility of the international crude oil market price regime, U.S fiscal issues, the Eurozone crisis and Insurgencies and restiveness from the North and Niger-Delta regions.

In a Global analysis it has been clearly observed that Central  Bank Governors like Mr Ben Benarnke of the United States of America and Mervyn King of the United Kingdom, have been exploring various avenues to structural reform  their monetary policies to achieve economic sustainability.

With the Nigeria  emerging as the prospective driver for the transformation of the entire , the time has come for the economic team to be robust,  resolute sincere, in managing an effective monetary framework for the Nation.