Nigeria: CBN Engages Organised Private Sector to Enhance Productive Sector

The Central Bank of Nigeria (CBN) recently convened a dialogue with the Organised Private Sector (OPS) and key stakeholders to discuss strategies for boosting Nigeria’s productive sector. The meeting, held at the CBN’s Lagos office, centered on how comprehensive monetary policy communication and guidance can improve the global investment community’s perception of Nigeria and on identifying the optimal mix of monetary policies and interventions to foster growth in the productive sector.

CBN Governor, Mr. Olayemi Cardoso, underscored the significance of private sector contributions in shaping economic policy. He stated, “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.”

During the dialogue, stakeholders committed to establishing a framework for collaboration and ongoing interactions with OPS leadership to harmonize economic policy. This framework aims to ensure the CBN’s effective support of the private sector in partnership with the Nigerian Economic Summit Group (NESG).

Mr. Cardoso reassured private sector leaders of his dedication to building trust, ensuring price stability, and implementing monetary policies that support economic growth. He highlighted the importance of improving foreign exchange rate stability and effectively moderating inflation.

In his remarks, the President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, welcomed the open dialogue. He emphasized the need for the manufacturing industry and other organized private sector operators to stay informed about CBN policies. He also voiced concerns about the current operation of the price verification system and pledged that OPS would provide the CBN with specific feedback and suggestions for improvements.

This collaborative initiative between the CBN and OPS reflects a shared commitment to creating a conducive environment for economic growth and investment in Nigeria.