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ENUGU, Nigeria (NAN) - The Enugu Chamber of Commerce, Industry, Mines and Agriculture has called on the Central Bank of Nigeria to enhance its efforts in supporting indigenous businesses and the industrial sector to prevent their collapse.
The President of ECCIMA, Odeiga Jideonwo, made this appeal during the CBN Special Day at the ongoing 36th Enugu International Trade Fair on Saturday.
He acknowledged the various interventions by the CBN aimed at promoting business growth across several sectors of the economy. “Nevertheless, we advise that more sustainable strategies and intervention programs should be implemented,” Jideonwo stated.
He expressed concern regarding the ongoing and recent hikes in interest rates by the apex bank as part of an aggressive response to combat the country's inflationary pressures and liquidity issues.
He remarked, “The high-interest rate environment might negatively impact businesses' access to bank credit. There is no doubt that access to credit and the cost of financing are linked to the variations in productivity levels, GDP, and economic stability. Nonetheless, we hope that the bank's policies align with the Federal Government's renewed hope initiative.”
Jideonwo praised the bank's management for reversing its earlier decision to avoid trade fairs imposed in 2023.
He opined that the current choice to revive and maintain trade fair platforms for sharing information and raising public awareness of operations would enable a direct connection with the bank.
In her address, the acting Director of the CBN's Corporate Communications Department, Hakama Ali, noted that the CBN continues to tackle various macroeconomic challenges facing the Nigerian economy.
Ali stated that the apex bank ensures the banking system remains robust and resilient.
She emphasized that the bank is closely observing the ongoing recapitalization of the banking sector to guarantee the infusion of quality capital as outlined in the framework.
“The Nigerian payments system has gained international recognition. CBN remains committed to delivering an effective and efficient payments system infrastructure.
This initiative has accelerated financial inclusion and expanded payment options for Nigerians, making financial transactions simpler, more cost-effective, and accessible to a broader user base,” she mentioned.
The director highlighted that achieving meaningful industrial development for global recognition rests on three pillars: strong financial system fundamentals, stability in the foreign exchange market, and solid collaboration between monetary and fiscal authorities.
“The bank's initiatives in these areas are producing the desired outcomes, resulting in a notable increase in foreign direct and portfolio investments, as well as a favorable trade balance recently,” Ali concluded.
