Financial analysts On Monday stressed the need for a smooth implementation of the ideas of the new governor of the Central Bank of Nigeria, Mr Godwin Emefiele, for the achievement of needed investment growth.
On Channels Television’s programme, Business Morning, the Country Representative International Institute for Investment promotion, Mr Ogbonna Ukuku and a financial market analyst, Mr Arinze Nwobu commended the new governor’s monetary policy stance.
“All hands must be on deck to ensure a successful implementation of the policies,” they said.
According to them, the money market, particularly the capital market, has a role to play in supporting development finance by keeping in touch with Small and Medium Enterprises, help them grow their businesses and encourage them to list on the Stock Exchange.
They further stressed that the physical point where the policies would be implemented must be ready to carry out the ideas.
Mr Ukuku said that change expected would be a gradual one, stressing the need for the policies to help ensure adequate financing of investments in some sectors of the economy that had not been explored. He cited the solid mineral exploration as one of the sectors that had not been explored.
“The apex bank should also look at how development finance institutions in Nigeria will be strengthened so that they will be able to fund the industries that have been lying fallow. There should be an effort to strike a balance in the trade imbalance that exist between Nigeria and other countries. More of what is done at the physical end determines the victory that you get when you are running an economy,” he said.
Mr Emefiele had said that there would be a gradual interest rate drop.
But Mr Nwobu said he had to be strategic about the plan to drop the interest rate as it would have effect in the money market.