Organised labour lauds CBN’s 5-year policy thrust

Wed Mar 18th, 2020 - Akwa Ibom

The Vice-President of the Industrial Global Union, Comrade Isa Aremu, has commended the Central Bank of Nigeria (CBN) for promoting financial literacy and its efforts to create employment and engender economic prosperity for Nigerians.

Comrade Aremu made the commendation at a one-day interactive session with members of the Organised Labour and stakeholders on the five-year policy thrust of the CBN in Uyo, Akwa Ibom State.

Aremu, a former Vice-president of the Nigeria Labour Congress (NLC) and General Secretary, Textile Workers Union said the CBN development finance targeted intervention in agriculture was in line with the Federal Government mandate to create 10 million jobs.

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He opined that the vision of the CBN under Mr. Godwin Emefiele showed the apex bank had seen ahead of the challenges and the need to diversify the economy away from oil, especially in the face of the global pandemic crisis of COVID-19, which is now having adverse effects on the global economy.

He added that the exclusion of the 43 items from foreign exchange window was geared towards ensuring the production of these goods in which the country enjoyed comparative advantage as well as to create jobs in those sectors.

“Emefiele looks like the man that saw tomorrow and I urge the fiscal authority to compliment CBN’s efforts. Nigeria must produce what it consumes and consume what it produces. The vision of President Muhammadu Buhari to create 10 million jobs can only be possible if we diversify our economy,” he added.

Also speaking, Mr. Isaac Okorafor, Director, Corporate Communications, CBN, said the essence of the one-day sensitization session was to enlighten the organised labour on the policies and programmes of the apex bank.

He said the apex bank, as part of its five-year policy thrust, sought to pursue, among other goals, a single-digit inflation rate in five years, a double digit economic growth rate, creation of 10 million jobs, increase in non-oil exports from N2 billion to N12 billion, achievement of 95 percent financial inclusion, growth in the National Collateral Registry (NCR) and extension of the Anchor Borrowers’ Programme (ABP) to cover 10 commodities.




source: Vanguard