Thursday , July 25 2024
Godwin Emefiele: A CBN Governor and Much More

Godwin Emefiele: A CBN Governor and Much More

Omotolani Adeyanju writes in from Lagos

The Nigerian economy for some time now has stayed very volatile and highly unpredictable. But in spite this, the economic environment has witnessed relative stability, with investment windows of opportunities open to investors.

This feat can be attributed to the economic management approach of the Central Bank of Nigeria (CBN) under the dynamic and visionary leadership style of Mr. Godwin Emefiele who has consistently calmed the disturbing economic nerves of the country with his policy “Magic Wand”.

In virtually every sector of the economy the CBN appears to have made loud statements through its various policy interventions. From agriculture, transportation, health, education, banking, fintech, manufacturing to mention but a few, the story remains positively the same.
Some of the economic measures so far taken under the leadership of Emefiele includes; 100 for 100 PPP, extension of interest rate reductions on CBN intervention facilities, the N4 trillion invested in agriculture, Naira 4 Dollar Scheme, the acceptance of the NAFEX rate as the inter-bank benchmark rate, and the introduction of the e-Naira with far reaching economic impacts which is what the country currently needs to stimulate growth and productivity. All of these were aimed at revamping the economy, strengthen the naira, boost investors’ confidence and attract the much-needed Foreign Direct Investment (FDI) into the country.

It is no wonder why in accessing the performance of the CBN, analysts have continued to pour encomiums on the consistent and focused-driven policies of the apex bank which are gradually yielding results at a steady pace. It is hoped that in the long run these measures will stimulate local production and transform the country from an import dependent economy to a self-sustaining economy in the nearest future.

In analyzing the CBN’s numerous economic interventions, Dr. Rueben Abati had recently on the Arise News Television’s flagship programme, The Morning Show, stated that the CBN is currently doing more for agriculture than the Federal Ministry of Agriculture. From all indications, he is certainly right. The CBN is not only dealing with monetary policies but also extending its role to fortify strategic sectors of the economy.

Certainly, the CBN’s invested interest in driving all sectors of the economy, regardless that it goes beyond its normal jurisdiction of maintaining price stability could only be as a result of Emefiele’s persona. Those who know him, attest to the fact that he is very enthusiastic, meticulous and relentless in pursuing growth and development, hence the quality of his leadership style.

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It comes as no surprise then that the CBN governor continues to receive special commendation from the Presidency.

At the unveiling of the Mega Rice Pyramids with the Rice Farmers Association of Nigeria (RIFAN) in Abuja recently, the CBN once again got the nod of President Muhammed Buhari for his dedication to supporting the Federal Government’s local content agenda.

According to the President, with the Anchor Borrowers’ Programme (ABP), the Federal Government through the support of the CBN has been able to boost food production in the country. He stated that the Anchor Borrowers’ Programme(ABP) initiative has enabled massive rice production while sustaining the country’s food security agenda, adding that its sustenance would drive down prices of food items in the country.

Through the ABP initiative, the CBN has financed about four million farmers across 21 commodities across the country, who have cultivated 5.3 million hectares of land. The initiative has catalyzed the rural economy and built a sustainable framework for financing small holder farmers in Nigeria.

Perhaps, the most striking for me about Emefiele is his sensitivity and practicality; a case in point is the appeal made by him to Manufacturers of cement at the commissioning ceremony of the Line-4 ultra-modern 3 million tonnes per annum Cement Manufacturing plant by the BUA Group in Sokoto recently.

The CBN, while reiterating its determination to provide the needed support for importation of spares, plants and equipment needed to increase production capacities of the cement plants in the country, had urged Manufacturers in the construction sector to lower the price of building materials in the country; this is extremely important, given that the sector is one of the major providers of employment that boosts growth and prosperity. What has happened is that Cement Manufacturers while producing for both the domestic and exports market, have somewhat paid less attention to satisfying the domestic needs, thereby shooting up the price of building materials and by extension crippling the economy.

I make bold to say that by this act of his and several of other unequivocal policy stance, the CBN under Emefiele’s dynamic and visionary style of leadership has endeared itself to the Nigerian people who are beginning to feel the economic impacts of its various interventions.

Therefore, well done Mr. Emefiele, a CBN Governor and much more!!!

About Bukola Olanrewaju

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