The Central Bank Governor, Mr. Godwin Emefiele has urged the country’s monetary and fiscal authorities to collaborate and work in harmony to accelerate Nigeria’s economic development.
Emefiele made the call in a statement signed by CBN’s acting Director, Corporate Communications in Abuja.
The CBN governor spoke at a meeting with fiscal authorities from the Ministries of Finance, Budget and National Planning as well as Trade and Investment at the weekend.
The theme of the meeting was: “Pathway to Price Stability Conducive to Economic Growth.’’
Emefiele said the meeting which had in attendance a large representation of fiscal authorities for the first time, was coming at a period when the country was facing serious economic challenges.
According to him, finding a sustainable solution requires a broadened participation of colleagues from the fiscal side.
He said that the meeting provided perspectives on certain Monetary Policy Committee decisions.
Emefiele said the meeting was aimed at closing the gap on coordination between monetary and fiscal authorities to chart a common course and take decisions to develop the economy.
The statement also quoted the Minister of Budget and National Planning, Senator Udoma Udo Udoma as saying “both the monetary and fiscal authorities had no choice but to work together to guarantee the country’s economic growth’’.
He said that the pathway to lower interest rate was to ensure monetary and fiscal authorities collaboration with the private sector.
The statement quoted Minister of Finance, Mrs. Kemi Adeosun as saying that “solving the challenges facing the Nigerian economy required unconventional tactics’’.
Adeosun said that there were still a huge number of unbanked Nigerians whose contributions to the economy remained un-captured.