Emefiele: CBN Policies Targeted at Job Creation

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele, has said that the central bank is focused on policies that would in the long-run, promote the development of productive sectors and expand the country’s aggregate supply capacity.
In addition, he noted that it was in this regard that the central bank had been targeting specific productive sectors in the economy that have the capacity to create jobs on a mass scale, reduce the country’s dependence on foreign goods and significantly reduce its huge import bills.
Emefiele said this in a speech presented at the 9th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja yesterday. The theme of the conference was “The Financial Services Industry Agenda for a New Nigeria.”
According to him, the central bank has been focusing its development financing efforts on key sectors of the economy such as power; agriculture; micro, small and medium enterprises (MSME); education, etc.
Emefiele noted that the sectors listed above were methodically selected, stressing that they are essential for simultaneously achieving the goals of economic growth, job creation, poverty reduction, and broader diversification of the economy.
He noted that the strategic importance of the financial sector and its services in an economy would be more appreciated when likened to a city without water.
“As the CBN, we have realised the importance of the industry as an agent of development, and by balancing our macroeconomic stability objective with a development financing goal, have already adopted this view.
“Hence, in addition to pursuing the mandate of price and financial system stability, the CBN has increasingly taken the lead to provide complementary developmental functions by creating an environment for Nigerians to live better and more fulfilled lives.
“Rather than being competing goals, we deem our mandates of price stability and sustainable economic development as complementary. This complementarity is underlined by the CBN’s ability to play critical role in boosting aggregate supply, eliminating demand gaps and creating employment,” the CBN governor added.
In her presentation, the President/Chairman of Council, CIBN, Mrs. Debola Osibogun, pointed out that the entire spectrum of the financial Services industry was inspired by the focus, energy and consistency being deployed by the present administration to bring about a new Nigeria through various change initiatives.
“It is imperative to state that the role of the banking sector in achieving these economic development focus is germane although not without obvious challenges peculiar to our nation and which must be genuinely addressed as it’s being currently noted.
“The factors militating against growth and development such as corruption, Infrastructural decay; insecurity to lives and properties; dearth of professionalism; and other economic vices are of greater concern to the banking sector. The banking industry has pursued financial inclusion meticulously with the development and introduction of various products and services under the retail banking space,” she added.

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