Industrialist demands sound monetary policy

on   /   in Business 12:02 am   /   Comments

By MIKE EFFIONG

The Chairman of New Era Group of Companies, Dr. Simon Chukwuemeka Okolo has called on the Governor of Central Bank of Nigeria, Mallam Sansui Lamido Sansui to focus more on how to lower Monetary Policy Rate (MPR), saying it has driven lending rate out of the reach of the real sector operators who are creating employment for the economy.

He said CBN should perform her price stability functions and relinquish its tight grips on Nigeria’s distributive dollar earning which has created hyper inflation and made the business environment uncompetitive, stifling investments and industrial growth. He added that  these are what Nigerians need now rather than  layoffing government workers.

“Is it not mind boggling, that the Central Bank of Nigeria (CBN) that has the constitutional mandate to enthrone price stability to sustain industrial growth and investment as well as the promotion of increasing employment opportunity happens to be the culprit behind Nigeria’s industrial and economic backwardness,” he said

Dr. Okolo pointed out that for Nigerians to feel the impact of government in the 2013 budgetary year, government must show overriding political will to address the factors hindering industrial growth and investment in the country.

He also called for urgent reconstruction of the Enugu-Port Harcourt, expressway, the Aba-Owerri expressway, Enugu-Onitsha dual carriage road, the Aba Ikot Ekpene-Calabar roads and the Benin-Lagos dual carriage way etc, adding that the urgent repair of these roads will go a long way to lessen the people’s hardships and been a new glow of life on our aiding economy.

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