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MPC meeting to hold 7-10 days after members’ confirmation by Senate – Emefiele

By Emma Ujah, Abuja Bureau Chief

The Monetary Policy Committee (MPC) will resume its monthly meetings in about seven to 10 days after the confirmation of its nominees by the Senate.


The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele revealed this, yesterday, in his remarks at the Sunti sugar factory, Niger State.

Mr. Emefiele spoke at the factory which is partly funded by the apex bank, when President Muhammadu Buhari visited it.

The factory is expected to produce about 100,000 tons of Sugar annually.

MPC had been unable to meet for some months due to lack of quorum.

The list of two Deputy Governors and about six MPC member were submitted to the Senate last year for confirmation.

Mr Emefiele expressed delighted that the “Senate has decided to screen the nominees earlier sent to them by Mr. President. We will have a few days delay. MPC was supposed to hold on the 19th or 20th of March. What I suspect is that we will be holding our committee of governors meeting and we will decide. And I believe we will just have between seven to ten days delay and the MPC will hold.”

He said that his team at the CBN was determined to fund critical sectors with a view to developing the nation’s abundant resources.

“I want to repeat the promise I have made, if any company is interested in any agricultural, agro allied and agro processing industry, we are ready to support them.

“It is not just about the factory alone but they have about 17,000 hectares of land which they are culticultivating sugar cane on. They have so far cultivated about 3,000 hectares. The standard practice is that if you own a sugar mill you should produce for 6 months in a year.

But for the output they have now, they will be producing for just one month instead of six. So what we are trying to do is that through our Anchor Borrowers Programme empower small holder farmers who can grow sugar cane plantation which will serve as additional stock for the sugar mill.”

Meanwhile, the CBN, Deposit Money Banks and other stakeholders in the financial sector, have mapped strategies with which to include about 7.6 million Nigerians into the banking sector before the end of the year.

The CBN Deputy Governor, Financial System Stability, Dr Okwu Nnanna, disclosed this at the Financial Inclusion State Steering Committee (FISSCO) Regional Capacity Building Programme in Abuja, yesterday.

His words, “The Vulnerable segments in our society remain a major concern for financial inclusion as they constitute a large proportion of the excluded population. For instance in Nigeria, the proportion of females without access to formal financial services was 46.3 per cent in 2016 compared to 36.8 per cent of men.”

Others in focus include vulnerable segments such as the youth, rural communities and internally displaced persons


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