The Central Bank of Nigeria, CBN, has disclosed that it introduced no less than 37 intervention programs to boost the economy of the country.
Osita Nwanisobi, the director Corporate Communications Department, CBN, made the disclosure during a one-day interactive session with organised labour and civil society on the five years policy thrust of CBN in Enugu State, during the weekend.
Nwanisobi stated that currently, the bank has about 37 purpose-driven interventions that are functionally based, well-thought-out, and born out of the critical issues within the economic space.
He said that the CBN was in Enugu to discuss CBN policies and interventions programmes with the significant stakeholders.
“Our mission is to speak to workers leaders on what we are doing in Central Bank and they will be able to take the message back to their people with the language they will understand so that they will be at peace with what we are doing in CBN.
“We know the issues of insurgency, insecurity, exchange pass through, issues of price adjustment in terms of power or fuel, and others. All of these are parked together is what we are seeing as inflation today. That is also why CBN is doing massive intervention especially in agriculture,” he said.
While speaking on inflation, Nwanisobi regretted that insurgency, insecurity, issues of price adjustment in terms of power or fuel and others are the cause of inflation.
He said that the dollar exchange rate increase is a result of the importation of goods, stressing that unless there is a complete diversification of the economy the problem would continue.
Nwanisobi who said that CBN is diversifying the economy to non-oil sectors to boost the economy of the country disclosed that CBN is intervening massively in agriculture to reduce inflation and create more jobs for our youths.
Also speaking, the Directly General of Micheal Imodu National Institute of Labour Studies, Comrade Issah Aremu, appreciated the Central Bank for bringing in a national planning policy.
He also commended the Central Bank governor, Godwin Emefiele for setting agenda for Nigerians to start producing what they consume as the only way to improve the economy, assuring him of the immeasurable corporation to achieve success.
He disclosed that CBN has been financing indigenous companies to improve locally produced goods and the farmers, stressing that re-industrialization is the only way out of economic quagmires and.
He commended CBN for promoting financial literacy of workers, which he said would help them know what is happening in the economy, inflation rate and to know the difference between policies, their jobs, and productivity.
Earlier, the chairman of the Nigerian Labour Congress, NLC, Enugu chapter, Comrade Virginus Nwobodo commended CBN for creating a platform for citizens to acquire knowledge about its policies and reasons to encourage our local productions.
He noted that interactive enlightenment sessions created an insight into the effect of patronizing locally produced goods.
Source: Vanguard
