• Sanwo-Olu vows to ‘fight’ power providers in Lagos until supply improves• Obaigbena urges CBN to intervene in education sectorCentral Bank of Nigeria Governor, Mr. Godwin Emefiele, yesterday warned that rising volatility in the crude oil market occasioned by the rapid increase in the supply of shale oil by the United States, which has seen its production rise from nine million barrels per day in 2017 to over 12 million barrels per day today, portends great risk to Nigeria’s growth trajectory.
“This means that we must strengthen our efforts over the coming years to stimulate growth and create jobs in critical sectors of our economy that will help insulate our economy from shocks in the global economy. “Indeed, we are fully cognisant of the diversity of opinions of even some of you in this audience regarding our actions on monetary policy.”
“Several empirical analyses have shown that the pass-through of changes in the exchange rate on consumer prices is almost one-to-one. “This implies that for every percentage point depreciation in the Naira, there is almost the same rise in inflation. “More also, we need to keep in mind that Nigeria’s high interest regime reflects not only the cost of capital, but also the cost of doing business in the country.
The meeting had in attendance the Governor of Lagos State, Mr. Babajide Sanwo-Olu; captains of industry led by President of the Dangote Group, Alhaji Aliko Dangote; founder of Zenith Bank Plc, Mr. Jim Ovia; the Chairman, ANAP Foundation, Atedo Peterside and CEOs of banks and other leading private sector organisations.
“The poor masses are the ones that bear the brunt of losing purchasing power of the meagre salaries they receive, ever so infrequently. “These challenges no doubt call for action by the monetary and fiscal policies through the implementation of policies; the spirit and letter of which must be respected by all,” he added.
“We are going to do this so that we can become increasingly competitive and innovative. It is important to unleash the potential of the state so as to attract foreign direct investments to the state,” Sanwo-Olu. To this end, Dangote urged the CBN and commercial banks in the country to work towards developing consumer credit products so as to encourage low income earners.
Owing to this, he advised private sector operators to remain committed to contributing to the growth of the economy.
once again, the NNPC and pipeline vandals are the quagmire to progress. OIL & GAS Why Nigeria’s refineries are in terrible shape – Kachikwu
How can Shale oil be a risk to Nigeria, when it was predicted more than 2 decades ago. It was supposed to be an opportunity for Nigeria to diversify but we kept on fooling ourselves.