Taiwo Popoola
What CBN Gov Revealed Regarding Time-frame Translating Economic Stability To Growth
Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has assured Nigerians that the gains of the country’s monetary stability will soon translate into real economic impact as investor confidence strengthens.
Cardoso gave the assurance on Tuesday while briefing journalists after the CBN 303rd Monetary Policy Committee, MPC, meeting in Abuja.
His remarks come amid growing concerns from citizens that the recent decline in inflation to 16.05 percent has yet to significantly ease cost-of-living pressures.
Responding to questions from journalists, the CBN governor emphasised that the benefits of current monetary policy reforms would gradually reflect in everyday economic realities.
“To my mind, this is the core of the matter. To the extent that we have accomplished stability, it is a very fundamental process on the road to growth,” Cardoso said.
“Many years ago, there was instability in our market. Now we have moved to a situation where there is stability. After stability comes investment, and after investment comes growth.
“In some sectors, investment and growth even go hand-in-hand. If you look at the data from the last couple of quarters, there has been growth.
“The fact that we have now accomplished stability gives greater confidence to investors, who will ultimately invest, and all issues will be taken care of. I am almost certain that you will begin to see what I am talking about. What we need is stable and enduring growth, not short-term fixes.”
