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Sanusi tells Cardoso: Lower Inflation to Safeguard People’s Wealth.
Sanusi tells Cardoso: lower inflation to safeguard people’s wealth.
The former Governor of the Central Bank of Nigeria (CBN) and the 14th Emir of Kano, Muhammadu Sanusi II, have offered advice to CBN Governor Olayemi Cardoso, urging him to implement strategic measures aimed at reducing the inflation rate.
Sanusi, who spoke when he led the Impact Investing Community team to the CBN headquarters in Abuja, expressed concerns about the inflation rate and urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.
He also acknowledged the importance of long-term planning by the CBN in achieving its goals, just as he emphasized the need for the fiscal authorities to focus on agriculture and education, especially for the girl child.
Sanusi equally expressed happiness at visiting the new CBN governor.
He noted that the bank’s activities had a massive impact on the lives of Nigerians, adding that many people often “do not know the impact of a central bank’s work until a central bank fails.”
He, therefore, pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.
Inflation has continued to accelerate in recent months and is currently at 26.72 percent as of September 2023.
On his part, Cardoso reiterated that under his leadership, the bank will focus mainly on the core mandate of price stability.
Addressing the team in his office, Cardoso said he and his team were determined to change the narrative about the bank and make the bank more impactful in the lives of Nigerians by curtailing inflation.
He said, “At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”
Speaking further, Cardoso thanked the Impact Investing Community for visiting the CBN, noting that the community represented an excellent future for Nigeria and has the potential to transform the country’s economy by tapping into the investment opportunities available across the country and the world.
While commending the quality of leadership at Impact Investing Community and its effort to create awareness as well as build partnerships, the CBN governor assured them that the Bank would collaborate with them in the direction of putting in place frameworks that will encourage investments that will positively influence the lives of Nigerians and contribute to economic growth.
Also speaking, the Chair of Impact Investing, Mrs. Ibukun Awosika, said they were at the CBN to register their willingness to support what the Bank and the Federal Government were doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they will make the most positive impact.
According to her, over $200 trillion was available around the globe as investment funds, with $1 trillion of it for impact investing. She further stated that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country. While stressing the importance of social investment, she sought the support of the CBN to enable the body to achieve its goal.
Equally speaking at the meeting, the Deputy Governor in charge of Corporate Services, Dr. Bala Bello, underscored the importance of investment, noting that global capital was moving towards social investment. He thanked the team for its support, noting that collaboration and effective communication were vital to successfully navigating the current challenges in the country.