The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Ifeanyi Emefiele revealed during a speech delivered at the 9th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja that the apex bank is concentrating on policies that in the long-run will promote the advancement of productive sectors and increase Nigeria’s aggregate supply capacity.
Besides that, he remarked that this development was the reason why the central bank had been aiming specific productive sectors that possess the capacity to create Employment on a large scale, reducing Nigeria’s reliance on imported goods thereby reducing her enormous import bills.
The conference was themed “The Financial Services Industry Agenda for a New Nigeria” and while speaking further at the conference, the Governor said the central bank has recently focused its development financing efforts on major sectors of the economy like power, agriculture; micro, small and medium enterprises (MSME), education, and so on.
He proceeded by saying that the above listed sectors were strategically selected and that they are important as far as simultaneous achievement of economic growth goals, job creation, poverty reduction and broader diversification of the economy are concerned.
He said, “As the CBN, we have realized the importance of the industry as an agent of development, and by balancing our macroeconomic stability objective with a development financing goal, have already adopted this view. Hence, in addition to pursuing the mandate of price and financial system stability, the CBN has increasingly taken the lead to provide complementary developmental functions by creating an environment for Nigerians to live better and more fulfilled lives”
He added that, “Rather than being competing goals, we deem our mandates of price stability and sustainable economic development as complementary. This complementarity is underlined by the CBN’s ability to play critical role in boosting aggregate supply, eliminating demand gaps and creating employment.”