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The Nigerian Economic Society (NES) has expressed its intention to strengthen collaboration with the Central Bank of Nigeria (CBN) in two crucial areas to drive economic growth and development.
In a statement issued by the Society, Prof. Adeola Adenikinju, the President of NES, conveyed this during a courtesy visit to Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria.
Adenikinju outlined the NES’s commitment to partnering with the apex bank, particularly in the realm of research, to effectively fulfill its core mandates.
He stated, “We believe there are two critical areas where NES can significantly contribute to helping the bank achieve its mandates. Firstly, while the bank possesses substantial capacity and resources for research, independent and reputable external entities are better suited to conduct assessment studies on the effectiveness of the bank’s policies and interventions. This approach aligns with international best practices and is deemed more credible.”
“Secondly, collaboration with NES can focus on advocacy, addressing specific issues chosen by the bank from time to time, thereby complementing the bank’s policy communication,” Adenikinju added.
The NES President commended the CBN’s initiatives, including the unification of segments in the foreign exchange market in June and the resolution of outstanding foreign exchange demand.
Adenikinju urged for a reconfiguration of the nation’s monetary architecture to align with the unique dynamics of the Nigerian economic ecosystem. This, he believes, will contribute to fostering a more robust and responsive financial framework tailored to the country’s specific needs.
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