NECA Commends Buhari on Emefiele’s Re-appointment

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Christopher Uba

The Nigeria Employers’ Consultative Association (NECA), has commended President Muhammadu Buhari for the decision to re-appoint the Governor of Central Bank of Nigeria (CBN), Mr.Godwin Emefiele, for a second tenure.

The Director-General of NECA, Mr. Timothy Olawale, who lauded the president for this “significant action,” said that the re-appointment of the apex bank governor would guarantee stability in the nation’s monetary and fiscal policies as well as the economy in general.

The NECA boss said “Nigeria’s monetary and fiscal environment has witnessed some progress and tended to be in the right direction since the assumption of office of Emefiele.

According to him, the past five years of the CBN governor heralded growth and development focused policies and interventions in many sectors of the economy.

“Of note is the anchor borrower programme, ban on foreign exchange for staple foods, the Micro, Small and Medium Scale Enterprises Development Fund, attempts at promoting financial inclusion, financial boost to the creative industry, the N213billion Electricity Market Stabilisation Facility, support for the textile sector amongs other commendable projects,” Olawale said.

While giving insight into the expectations of organised businesses for the next five years, Olawale noted that “the CBN governor should, as a matter of urgency give more attention to the real sector of the economy.

“Access to cheap capital has remained a bane for manufacturers; increased credit should be made available to the private sector while greater efforts should be made to ensure the convergence of the foreign exchange market.

“Deliberate and structured engagement between the CBN and organised businesses should be instituted and special support given to the Small and Medium Scale Enterprises.”

Olawale also stated that organised businesses expected stability and consolidation of the gains achieved in the last five years.

“We extend our hands of partnership to the CBN governor with the view of achieving a win-win situation for organised businesses and our nation, Nigeria,” he said