Strategic steps must be taken by the Central Bank of Nigeria (CBN) to drive down inflation and halt further erosion of wealth, a former governor of the apex bank has said.
Dr. Muhammad Sanusi advised the incumbent CBN Governor, Dr. Olayemi Cardoso, to initiate policies that will rein in inflation, which he noted had severely impacted the economy.
Sanusi, the 14th Emir of Kano, spoke when he led members of the Impact Investing Community on a courtesy visit to Cardoso at the CBN headquarters in Abuja.
The inflation rate has maintained a long streak of consecutive increases over the months.
By September, it stood at 26.72 per cent after seven consecutive increases – the highest in over a decade.
According to Sanusi, CBN’s activities have a massive impact on lives.
He added that many people often “do not know the impact of a central bank’s works until a central bank fails.”
He acknowledged the importance of long-term planning by the CBN in achieving its goals.
Sanusi emphasised the need for fiscal authorities to focus on agriculture and education, especially for the girl-child.
Expressing delight at his visit to Cardoso, Sanusi pledged continued support by the Impact Investing Community to the CBN.
Cardoso reiterated that under his watch, the bank will focus mainly on the core mandate of price stability.
He restated his team’s determination to change the narrative about the apex bank and make it more efficient.
Cardoso said: “At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”
He noted that the Impact Investing Community represents an excellent future for Nigeria.
He believes in its potential to transform the country’s economy by tapping into the investment opportunities available.
Commending the quality of leadership at Impact Investing Community and its effort to create awareness as well as build partnerships, the CBN governor said the bank would collaborate with it on frameworks that will encourage investments to drive economic growth.
Chairman of the Impact Investing Community, Mrs. Ibukun Awosika, said they were at the CBN to register their willingness to support what the bank and the Federal Government were doing in changing the local investment climate by redirecting resources to areas where they will make the most positive impact.
According to her, over $200 trillion was available globally for investments, $1 trillion of it for impact investing.
She added that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners.
Stressing the importance of social investment, she sought the support of the CBN to enable the body to achieve its goal.
CBN Deputy Governor in charge of Corporate Services, Dr. Bala Bello, underscored the importance of investments, noting that global capital was moving towards social investment.
He noted that collaboration and effective communication were vital to successfully navigating the prevailing challenges.
Impact investing refers to investments made into companies, organisations, and funds to generate a measurable, beneficial social or environmental impact alongside a financial return.
