By Gabriel Ewepu – Abuja
The Abuja Chamber of Commerce and Industry, ACCI, Thursday, hailed the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, over policies that have sustained the economy amid daunting challenges.
The President, ACCI, Dr Al-Mujtaba Abubakar, who was represented by the 2nd Deputy President, ACCI, Prof Adesoji Adesugba, gave the commendation at the Central Bank of Nigeria (CBN) side event at the Ongoing 16th Abuja International Trade Fair at Abuja Trade and Convention Centre.
Abubakar also acknowledged the impact by the CBN on keeping economic activities going despite the ravaging Coronavirus (COVID-19) pandemic.
He said: “We understand the dimension and the depth of issues involved in being a Central banker in times of national economic emergency.
“Having said that, I want to state that only during the Nigerian civil war has any Central banker faces current level of economic complexity occasioned by multiple factors, many of which are beyond the control of the Central Bank.
“The global pandemic (COVID-19), added to local economic peculiarities, present enormous threats and opportunities to the apex bank. When insecurity is added, the ecosystem defies the best of innovations and out of box thinking.
“We want to note, however that despite the perplexing operating space, the Nigerian Central Bank leadership has transformed threats to opportunities. Under my brother and colleague, the Central Bank Governor, Chief Emefiele, the apex bank has come to the rescue of the nation by embracing developmental financing tools to contain a recession that was dovetailing into depression.
“The many interventions of the CBN significantly restored GDP growth and created the resurgence of the non -oil sector as a critical segment of GDP.”
However, the ACCI boss called for closer collaboration by the CBN with chambers of commerce in the country.
“We, nevertheless, seek a new intervention-the adoption of Chambers of Commerce as platform for financial interventions to SMEs.
“Nigeria has almost 60 chambers of commerce, spread all over the country. These chambers have thousands of members operating across various sectors.
“The chambers also have robust governance structure, making it an ideal platform for development finance intervention by the CBN. I urge the CBN to consider this perspective”, he said.