Report the Economy In Positive Light, Emefiele Urges

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has urged the financial and business correspondents to endeavor to report the Nigerian economy in positive light. He noted that financial journalists should be conscious of the fact that foreign investors form their perception about the economy based on their reports and hence the need to be cautious of this.

Mr. Emefiele said this in a keynote remarks presented on his behalf by the Director, Monetary Policy Department, Mr. Moses Tule at the 22nd edition of the Finance Correspondents and Business Editors Seminar, which took place at Abakaliki, Ebonyi State, from September 28 to 30, 2016.
He also noted that efforts of the Central Bank transcend its core mandate of monetary and price stability, but involves developmental activities to stimulate growth. According to him, the developmental initiatives become necessary given that ours is a developing economy with the inherent development challenges.
Furthermore, Mr, Emefiele reminded participants this informed why the Bank devote critical resources by way of intervention in the N220 billion Agriculture, Micro, small and Medium Enterprises (MSMEs) and in the area of infrastructure. These interventions include the Agricultural Credit Guarantee Scheme Fund (ACGSF), Commercial Agricultural Credit Scheme (CACS), etc. He however, explained that these interventions do not intend to crowd out financial institutions in credit delivery, but rather as incentives to propel lending at reasonable rates to the real sector.
Also in an opening remark at the occasion, the acting Director, Corporate Communications Department, Mr. Isaac Okorafor extoled the patriotism of the financial media in their reportage.
Earlier in her welcoming remarks, the Branch Controller, CBN Branch Asaba, welcomed participants to the occasion and urged them to feel free to explore the Ebonyi State environs and their various tourist potentials and delicacies.
Dignitaries present at the occasion include the Ebonyi State Commissioner of Justice and Attorney General, Hon. Augustine Nwankwagu and other CBN executives.

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