The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has called on monetary and fiscal authorities in the country to collaborate and work in harmony to accelerate Nigeria’s economic development.A statement signed by the CBN’s acting Director, Corporate Communications, Mr. Isaac Okorafor, on Sunday in Abuja, said that the CBN governor spoke at a meeting with fiscal authorities from the Ministries of Finance, Budget and National Planning as well as Trade and Investment at the weekend.
The statement added that Emefiele said that the meeting, which was coming at a period when the country was facing serious economic challenges, was aimed finding a sustainable solution and broadening the participation of colleagues from the fiscal side.
According to Emefiele, the meeting was aimed at closing the gap on coordination between monetary and fiscal authorities to chart a common course and take decisions to develop the nation’s economy.
The statement quoted the Minister of Budget and National Planning, Senator Udoma Udo Udoma, as saying that “both the monetary and fiscal authorities had no choice but to work together to guarantee the country’s economic growth”.
He said that the pathway to lower interest rate was to ensure monetary and fiscal authorities collaboration with the private sector.
The statement said that the Minister of Finance, Mrs. Kemi Adeosun, said that solving the challenges facing the Nigerian economy required unconventional tactics and that there were still a huge number of Nigerians, who do not bank whose contributions to the economy is not captured.
She said the government should devise ways to bring them into the financial mainstream and that based on the current realities, the Federal Government would have to borrow more to meet its infrastructural obligation.
In his contribution, Nigeria’s Minister of Industry, Trade and Investment Okechukwu Enelamah stressed the need for both monetary and fiscal authorities to ensure business and investor confidence as well as ensuring policy integrity in order to improve on the ease of doing business in Nigeria.