CBN Parleys OPS to Boost Productive Sector

The Central Bank of Nigeria (CBN) recently hosted a dialogue between the Organised Private Sector (OPS) and relevant stakeholders to explore strategies for enhancing Nigeria’s productive sector.

The meeting held at the bank’s Lagos office focused on exploring how broad-based monetary policy communication and guidance can positively influence the global investment community’s perception of Nigeria and on determining the right bundle of monetary policies and interventions to enhance the growth of the productive sector.

The CBN Governor, Mr. Olayemi Cardoso, emphasised the importance of private sector input in shaping economic policy.

He said: ‘The private sector is a critical engine of our economy. This meeting underscores our commitment to working collaboratively with stakeholders to create a more robust and investor-friendly financial environment.”

Stakeholders at the meeting also pledged to establish a framework for collaboration and consistent interactions with the top leadership of the OPS to harmonise economic policy and guarantee the CBN’s effective support of the private sector in partnership with the Nigerian Economic Summit Group (NESG).

He assured the private sector leaders of his commitment to building trust, ensuring price stability, and implementing monetary policies to support economic growth, improve stability in foreign exchange rates, and effectively moderate inflation.

In his remarks, the President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, appreciated the open dialogue aimed at ensuring the manufacturing industry and other organised private sector operators are abreast of CBN policies.

He said the OPS was concerned about how the price verification system is currently operated and said the OPS will provide the CBN with specific details about the concerns and suggestions for implementable improvements to the system.

SOURCE: Vanguard