By Chris Udochukwu
Abuja (Precise Post) – Coalition of Civil Society Groups have hailed the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele for his contributions to the development and growth of the Nigerian economy.
The Coalition in a statement signed by Etuk Bassey Williams (JP) and Abubarka Ibrahim, President and Secretary respectively, said it has become necessary to encourage the CBN Governor and his team not to relent but to do more and continue to justify the confidence reposed on them by President Muhammadu Buhari.
While eulogising the CBN Governor, the Coalition stated that Emefiele’s innovations in development financing, earned him President Muhammadu Buhari’s nomination for a second term in office as CBN Governor; this singular achievement is by the records the first time anyone had been so nominated since 1999.
According to the group, it pertinent to appreciate their hard work, commitment, dedication and tact employed in the management of Naira, empowering the Farmers and Entrepreneurs towards job and wealth creation. It therefore listed the achievements of the CBN Governor as: ” protection of Bank Customers, effective supervision of Deposit Money Banks and Other Financial Institutions; and deepening of Financial Inclusion through an effective banking and payments system”. Emefiele has also backed up his pledge to facilitate job creation with the creation of the Creative Industry Financing Initiative (CIFI), which is being implemented in collaboration with the Bankers’ Committee, the group added.
The statement reads in part:
“To encourage diversification of the economy and stimulate growth in the agriculture sector in line with President Muhammadu Buhari’s plan, the CBN Governor established an innovative agriculture credit plan: Anchor Borrowers Programme and this has increased yield per hectare of agricultural produce like Rice, Groundnut and Cocoa.
“CBN Governor embarked on other policies such as the Youth Entrepreneurship Development Programme (YEDP), Accelerated Agricultural Development Scheme (AADS), the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS), the National Collateral Registry (NCR) and lately the Creative Industry Financing Initiative (CIFI), which is collaboration between the CBN and the Bankers’ Committee.
“A nationalistic economist of a kind, no doubt Emefiele has shown commitment, in the course of his tenure, he has championed diversification of the Nigerian economy, away from heavy dependence on crude oil and other imported items that can be produced in the country.
“He also introduced an import exclusion policy increased patronage for local goods and stimulated local production significantly, introduces a check on the activities of the Bureau De Change (BDC) and ended continued depreciation of Naira over the years.
“A nationalistic economist of a kind, no doubt Emefiele has shown commitment, in the course of his tenure, he has championed diversification of the Nigerian economy, away from heavy dependence on crude oil and other imported items that can be produced in the country.
“In a sincere effort to salvage the naira, the CBN stopped the sales of Forex to Bureau De Change (BDC) Operators who exploit and artificially inflate dollar/naira exchange. We applaud this move to discourage illicit financial flow, BDC racketeering and indiscriminate round tripping. We applaud the genuine effort of the Governor in trying to stabilize the naira.
“The Governor has halted the recession that recently threatened the country through the new monetary policies on diaspora remittance and sustainable intervention. We consider this as a master strokes.
“The same tact came to bear in this present Covid-19 induced economic challenge as we were able to bounce back faster than other African Countries. The policies have been deliberate, precise and impactful.
The Coalition reiterated that Nigeria is in Safe hand” economically and therefore requestey that everybody support this Government, adding that the CBN and his team will deliver, the Coalition added.
