NIGERIA: CSOs Applaud CBN Governor over Economy

Civil Society groups have continued to laud the efforts of the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele for his genuine and undying quest to develop Nigeria’s economy since emerging head of the apex bank.

It will be recalled that Emefiele received compliments recently following undue attacks from some quarters. The latest applause on Emefiele came from the Coalition of Civil Society Groups (CCSG) on Tuesday in Abuja.
The President of CCSG, Etuk Bassey Williams, while delivering a keynote address at a press urged Nigerians to appreciate the efforts of Emefiele and his team, adding that Nigeria’s economy is safe with Emefiele in charge.
Williams revealed that the Coalition had observed Emefiele and his team’s efforts and consider 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-creating.
Stressing that the aim of telling the public of Emefiele’s giant strides is to encourage the bank’s leadership not to relent in justifying the confidence reposed on them by President Muhammadu Buhari.
His words: “There is no doubt that his appointment in 2014 and re-appointment in 2020 was the proper judgement. Without equivocation, Emefiele’s contribution to the development and growth of the Nigerian economy, as well as 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.
“In line with his promise at the unveiling of his Agenda in 2014, he commenced operation to enhance access to credit to Micro, Small and Medium Enterprises, MSMEs, as that sector remains the catalysts of economic growth in Nigeria.
“He has also ensured the 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.” CCSG President said.
Here are other achievements of the CBN Governor since he was appointed into office: 
“Emefiele backed up his pledge to facilitate job creation by creating the Creative Industry Financing Initiative, CIFI, which is being implemented in collaboration with the Bankers’ Committee.
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, which 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 a 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 has continued to make an effort to stabilized the Naira and put the economy on the right footing.
“Creating the Inter-bank/Wholesale and the Investors/Exporters’ windows have brought great relief, leading to exceptional acreage in foreign reserve and a rise in capital inflow.
“He also introduced an import exclusion policy, increased patronage for local goods and stimulated local production significantly, presented a check on the activities of the Bureau De Change, BDC, and ended the continued depreciation of Naira over the years.
“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.
“CCSG applauded this move to discourage illicit financial flow, BDC racketeering and indiscriminate round-tripping, including 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.
“The same tact came to bear in this present Covid-19 induced economic challenge as we could bounce back faster than other African Countries. The policies have been deliberate, precise and impactful.
“We are bold to say that Nigeria is in Safe hand” economically. We request that everybody support this Government; there is no doubt that the Governor of CBN and his team will deliver. Indeed, Mr Godwin Ifeanyi Emefiele has done wonderfully well to deserve more accolades from Nigerians for a work well done.” Williams stated.

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