A close-knit collaboration between the monetary and fiscal authorities will pull the economy on to the path of recovery, Central Bank of Nigeria (CBN) Governor Godwin Emefiele, has said.
Emefiele spoke at the Monetary Policy Committee (MPC) retreat at the CBN Headquarters in Abuja. It was attended by Minister of Finance Kemi Adeosun and Minister of Budget and National Planning Udoma Udo Udoma and Miniser of Trade and Investment Okechukwu Enelama.
Emefiele, who also chairs the MPC, said the retreat, being attended by such a high profile representation for the first time, was designed to find a sustainable solution to the challenges facing the nation.
It is also to provide perspectives on some MPC decisions and close the gap on the coordination between monetary and fiscal authorities to chart a common course for the economy.
Udo Udoma said both the monetary and fiscal authorities must work together to guarantee economic growth, adding that the pathway to lower interest rate was to ensure that monetary and fiscal authorities collaborated with the private sector.
Mrs Adeosun and Dr. Enelama, agreed that solving the challenges facing the economy required unconventional tactics.
The finance minister spoke on the need to capture the huge number of ‘unbanked’ Nigerians into the fiancial mainstream. She added that based on the realities, the federal government needed to borrow more to meet its infrastructure development plans.
Dr. Enelamah said the streamlining of monetary and fiscal policies would ensure more investor-confidence, policy integrity and an improvement on the ease of doing business in the country.
In her presentation entitled: “The Macroeconomic Trilemma and Monetary Policy in Nigeria,” CBN Deputy Governor (Economic Policy), Dr. Sarah Alade, said the onus of achieving the trilemma of low interest and exchange rates and low inflation should not entirely be the function of the monetary authority, rathera collaboration with the fiscal authorities.
“There is need for deliberate policies to ensure stability and engender growth in the economy,” she said.
credit: the nation
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