Emefiele Calls For Strong Fiscal, Monetary Policy Coordination

Enterprise Television-Emefiele Calls For Strong Fiscal, Monetary Policy Coordination

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Monday,said there was need for strong policy coordination between the fiscal and monetary authorities to sustain the growth momentum following the country’s recent exit from recession.

Emefiele stated this at the opening session of a workshop titled, ‘Sustaining economic growth beyond recession exit’ at the 25th Seminar for Finance Correspondents and Business Editors in Uyo.

The Governor said there was a need for robust policy coordination between key aspects of economic policy making in order to sustain the recent recovery from recession.

According to him, these include fiscal, monetary, exchange and trade policies, which must be targeted at protecting farmers to boost agricultural outputs, support local companies and enhance manufacturing and industrial capacities.

The CBN Governor said the effective coordination of these policies would assist in diversifying the economy away from oil.

Mr. Edward Adamu, Deputy Governor, Corporate Services, at the event, the Apex bank boss added that there was a need for policy makers to be vigilant so that the economy would not slide into recession again.

Emefiele said the apex bank would continue to fine-tune its policies and strategies based on the evolving developments in the economy.

He added that the CBN was currently finalizing the creation of a N500bn fund to assist manufacturers interested in non-oil exports.

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