Obaseki Criticizes CBN Policies, Calls for Economic Growth Focus

In an event organized by the Edo Zone of Bankers’ Committee in Benin City, Governor Godwin Obaseki of Edo State criticized the Central Bank of Nigeria (CBN) for implementing policies that he believes will not support economic growth.

According to Obaseki, the high interest rates introduced by the apex bank will hinder the growth of Nigeria’s economy as small business proprietors cannot access loans at affordable prices.

He argued that the rationale behind increasing the monetary policy rate is misguided, stating that the country does not need exchange rates to survive.

Instead, the governor called for indigenous policies that focus on job opportunities for youths and transform Nigeria into a productive nation.

He emphasized the importance of both fiscal and monetary policies working hand-in-hand to achieve economic growth, and that the current policies do not meet this requirement.

Obaseki stressed the need to focus on the fundamentals, such as increasing production and reducing dependency on imports.

He also suggested that the government should prioritize job creation for young people, rather than solely focusing on foreign exchange.

Governor Obaseki’s comments highlight the need for a comprehensive review of the current policies implemented by the Central Bank of Nigeria, with a stronger focus on economic growth and job creation for the country’s young population.