…lauds Emefiele’s accomplishments
…demands that those spreading false information about Emefiele’s dismissal be arrested by the police.
On Thursday, the South West Professional Forum, SWPF, applauded the Central Bank of Nigeria’s (CBN) decision to raise the Monetary Policy Rate (MPR) to 13% after two years.
At a press conference in Abuja, SWPF made the commendation in an address signed by Comrade Gbenga Ganzallo, Secretary, OYPF, Chief Bolanle Akinwummi, and Public Relations Officer, SWPF, Olakunle kolawole Ebenezer Esq.
The Forum stated that CBN Governor Godwin Emefiele is a visionary and a core professional who has been patriotic in handling the economy’s affairs with his team of seasoned professionals, and that the increase in the MPR to 13% after two years was a step in the right direction to ensure the economy’s sustainability in the face of daunting global and local challenges.
“The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, is a patriotic Nigerian and a true professional who has used his vast experience to keep the economy afloat despite global and local challenges,” the group said.
We applaud Emefiele and his seasoned team of professionals at the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) for unanimously voting to raise the Monetary Policy Rate (MPR) to 13% on Tuesday, which is a critical decision for the country’s future.
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“We support the new MPR of 13% because it will further consolidate other CBN policies that will strengthen the economy, thus serving as a baseline interest rate in an economy on which other interest rates are built.”
“And, as the CBN chairman correctly stated, “the sharp rise in inflation across both advanced and emerging market economies has generated growing concerns among central banks as the gradual rise in inflation, driven by rising aggregate demand and wage growth, has put sustainable pressure on price levels.”
“We agree with him, as he also explained that as a result, major central banks such as the Federal Reserve of the United States, the Bank of England, the European Central Bank, and the Bank of Canada have provided strong guidance of a gradual shift away from monetary policy accommodation to drive market interest rates, which may eventually impact capital flows away from emerging market economies.”
“On this, we support his decision because it will increase the economy’s value and allow businesses to thrive, as well as attract investors from all sectors of the economy.”
The group also urged Nigerians to rally behind the CBN Governor and work together with him to build a strong economy and a favorable business environment for both Nigerian and foreign businesses.
Meanwhile, the group highlighted some of the CBN Governor’s key accomplishments since taking office, pointing out that despite the country’s dire financial situation, he introduced several policies to help the poor, including the farmer’s Anchor Borrower Program, which just saw the first of its kind rice pyramid a few months ago.
“On June 3, 2014, when Godwin Emefiele became the 10th indigenous Governor of the Central Bank of Nigeria, he promised to build a resilient financial system capable of serving the Nigerian economy’s growth and development needs.
“Today, even the blind, deaf, and dump can attest to the fact that the Apex Bank’s policies and programs are designed in such a way that jobs are created and inclusive growth is facilitated.”
“In addition, there are key macroeconomic concerns in the country, such as inflation and exchange rate stability.
“Despite the country’s dire financial situation, he was able to mobilize the private sector and salvage the situation, and he also introduced several policies to help the poor, such as the farmer’s Anchor Borrower Program, which just saw the first of its kind rice pyramid a few months ago.”
“Nigerians have been offered numerous interventions and support for Small Medium Enterprises, SMEs, and others through his people-centered policies.”
“And this has created a support base for local companies to be competitive, and this support evidently culminated in the commissioning of the Dangote Fertilizer Company, which is aimed at assisting Nigerian farmers in producing more food and creating jobs.”
“For the first time in CBN history, he ensured the diversification of the economy’s source of revenue from the oil sector to the non-oil sector.”
“We could go on and on about Emefiele’s professional policy formulation, which has been so all-encompassing that it hasn’t left any segment of Nigerians behind, but has instead carried Nigerians along with the CBN’s policies and programs.”
However, the group unanimously urged the Nigerian Policy Force to apprehend those who reported and spread false information about the CBN Governor’s alleged dismissal on Wednesday.
“We condemn those who have just awoken from their mischief to spread false information about the alleged sacking of the Governor of the Central Bank of Nigeria on Wednesday.
“This is the work of a few politicians who have nothing to offer because they’ve run out of steam and are only trying to blackmail the CBN Governor with sponsored fake news.”
“We want to call on the Nigerian Police Force and other relevant security agencies to go after and arrest those behind this fake news, and they should be dealt with appropriately because this is not good for the image of our revered Apex Bank,” the group added.
