Nigeria Back On Track Economically – Tony Elumelu Hails MPC Decision

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Nigeria back on track economically – Tony Elumelu hails MPC decision

Tony Elumelu, the Chairman of the United Bank for Africa (UBA), has asserted that Nigeria is moving in the right economic direction, citing the decisions made by the Central Bank of Nigeria (CBN) at its recent Monetary Policy Committee (MPC) meeting on February 27.

During the meeting, the CBN implemented a tightening policy by raising the Monetary Policy Rate (MPR) by 400 basis points, elevating it from 18.75 per cent to 22.75 per cent.

In an interview on Thursday, the business magnate expressed cautious optimism, stating that Nigeria is making progress and undergoing transformation, which is a gradual process. He emphasized that it is crucial to stay the course with the ongoing reforms.

However, Elumelu highlighted the importance of consistency and focus in policymaking by authorities to ensure the anticipated results in the medium to long term.

“Of all the decisions the Central Bank took at the last MPC if I were there, those are the exact decisions I would have taken in the circumstance.

“Hopefully, let us continue and not relent. It’s still early days.

“This is just the starting, but it seems one can be fairly and cautiously optimistic that we’re getting there. We are on the right track,” he assured.

He also expressed optimism that the value of the naira will start rising substantially against the dollar.

“What I know as a transformation person is that the transformation journey takes time. And, you know it comes with a few initial pains, but (it’s good) to stay focused, stay the course, be consistent, be sincere and be committed to it.

“What I see, you know, I mean fixing the issues, making sure that interest rate is not negative to the investor, making sure that … it’s an inflationary situation and that we’re contracting as much as possible, so that we have fewer Naira chasing dollars, giving confidence to the market”, he said.

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By Abia ThinkTank

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