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Thursday, July 18, 2024
Home Business CBN HOSTS DIALOGUE WITH NESG, ORGANISED PRIVATE SECTOR TO ENHANCE FINANCIAL SECTOR

CBN HOSTS DIALOGUE WITH NESG, ORGANISED PRIVATE SECTOR TO ENHANCE FINANCIAL SECTOR

In a bid to  explore strategies for enhancing Nigeria’s financial sector.
The Central Bank of Nigeria (CBN) has hosted a dialogue between the Organised Private Sector (OPS) and the Bank’s leadership in Lagos the meeting aims at improving broad-based monetary policy communication
 and guidance which can positively influence the global investment community’s perception of Nigeria and on determining the right bundle of monetary policies and interventions to increase the productive sector’s growth.
 Central Bank of Nigeria  Governor, Olayemi Cardoso emphasised the importance of private sector input in shaping economic policy.
“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).
In his remarks, the President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, appreciated the CBN’s open dialogue and interest in ensuring the manufacturing industry and other organised private sectors are abreast of CBN policies. He said “the OPS was concerned about how the price verification system is currently operated and, in agreement with the CBN, will provide the CBN with specific details about the concerns and suggestions for implementable improvements to the system.
During the discussions, other private sector leaders expressed concerns about the elevated impact of macroeconomic risks on business costs across various industries. They noted that while structured development finance support may not directly increase cash supply, it enhances the capacity of the productive sector to manage risks such as exchange rate volatility. They also emphasised the importance of the role of the Central Bank of Nigeria in catalysing trade finance and development finance support through traditional institutions.
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