In a recent discourse on the economic trajectory of Nigeria, former Central Bank of Nigeria Governor, Lamido Sanusi, offered strategic advice to the incumbent CBN Governor, Olayemi Cardoso, focusing on measures to counter the rising inflation that is currently challenging the nation. The guidance was imparted during a meeting in Abuja, where Sanusi led the Impact Investing Community team to engage with the leadership at the CBN.
Reports from The PUNCH indicate a persistent acceleration of inflation, with figures soaring to 26.72 per cent as of September 2023. This trend, noted by Sanusi, poses a significant threat to the financial well-being of individuals and the economy at large. He emphasised the critical role of the CBN under Cardoso’s stewardship in actively working towards the reduction of inflation rates. The conversation around the ‘Sanusi Cardoso inflation’ topic underlines the urgency and importance of the issue.
Sanusi also pointed out the necessity for the Central Bank to engage in long-term planning and to align closely with fiscal authorities. He underlined the potential benefits of focusing on key sectors such as agriculture and girl-child education in stabilising and boosting the economy.
Meanwhile, Governor Cardoso has reaffirmed his commitment to prioritising price stability, indicating that his tenure would be marked by efforts to rein in inflation and bring about a positive change in the narratives surrounding the bank’s impact on Nigerians. Acknowledging the significant influence of the CBN’s policies, he underscored the determination of his team to make a substantial difference in the economic well-being of the populace.
The meeting with the Impact Investing Community further highlighted the collaborative potential between the CBN and investment organisations, with a shared vision of harnessing investment opportunities to foster economic growth and prosperity across Nigeria.
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