The Coalition of Civil Society Groups, CCSG, has taken the lead in a collective effort with other CSOs to commend the President Muhammadu Buhari-led administration for recouping the nation’s economy since the negative impact of the COVID-19 Pandemic during the lockdown period.
Also, Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, was not exempted from receiving accolades, as the Groups hinted that he ensured the economy continued surviving despite the downturn occasioned by the unstable low price of crude oil in the International Market, and the multifaceted insecurity challenges facing, among other factors.
In a joint press release issued by Etuk Bassey Williams, President, CCSG and Abubakar Ibrahim, Secretary-General, the involved parties coordinated a Solidarity Rally today at the Unity Fountain, Abuja, to support Buhari/Emefiele on stabilizing the economy.
The Groups said that both men had made efforts to turn around the negative indices of the economy as a result of sound policies.
They said the recorded achievements in the Micro, Small and Medium Enterprises, MSMEs, to small farm holders is laudable.
“We also appreciate his effort to assist our industries in meeting international standards in the quality of goods produced for export. Today, many Nigerians have benefited from beautiful policies of the CBN, such as the Youth Entrepreneurship Development Programme (YEDP), Accelerated Agricultural Development Scheme (AADS), the Agri-business/Small and Medium Enterprises Investment Scheme, AGSMEIS.
According to the Group, these policies have impacted the lives of many Nigerians positively. Jobs have been created, and millions of Nigerians are happy and grateful.
They said the Anchor Borrowers Programme had increased yield per hectare, and the Country’s food security is a plus to the CBN.
This policy, among others, supports the drive by the Government to diversify the economy and stimulate growth in the agriculture sector.
“It is without a doubt that the Effort of CBN in ensuring the protection of Bank customers, adequate supervision of Deposit Money Banks and Other Financial Institutions; and deepening of financial inclusion through an influential banking and payments system in recent times has yielded positive results.
“Governor Emeficle’s support for the Creative Industries through the Creative Industry Financing Initiative (CIFI), which is being implemented in collaboration with the Bankers’ Committee, is a massive boost in the Creative Industry. We frown at the economic sabotage going on in the Forex market.” The statement reads.
The Group condemns a situation where the disparity between the official bank exchange rates for dollar/naira will be too high, creating inflation.
Meanwhile, they applauded the sincere effort to salvage the naira, the CBN stop of sales of Forex to Bureau De Change (BDC) Operators who exploit and artificially inflate dollar/naira exchange. ‘We applaud this move to discourage illicit financial flow, BDC racketeering and indiscriminate round-tripping.’
CCSG and the other affiliated Groups called on the Governor to suspend the activities of the BDC operators in totality and supply money to the commercial Banks.
They also demanded that a monitoring committee that comprises EFCC, CBN and NFIU be set up to cheek and arrest BDC operators who go to the Banks to buy off the dollar using the fake application.
“We also applaud the CBN introduction of e-naira; we are confident that this policy will stimulate economic activities that will result in job and wealth creation. Based on the recorded achievements listed above, we thus call for more support to the leadership of the Country and the leadership of the Central Bank Od Nigeria, CBN.” The Groups said.
Yesterday, everyevery.ng reported that the Coalition of Civil Society Groups, CCSG, sequel to their votes of confidence upon the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, highlighted some of the achievements since his emergence as the boss of the apex bank.