Sanusi: CBN must drive down inflation rate

Former Emir of Kano and onetime Governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi, has expressed concerns at the nation’s inflation rate.

Sanusi urged the new leadership of the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

The former Emir spoke when the CBN Governor, Olayemi Cardoso, played host to the Impact Investing Community, led by Sanusi, in Abuja on Thursday, November 2, 2023.

He also acknowledged the importance of long-term planning by the CBN in achieving its goals, just as he emphasised the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.

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Sanusi, therefore, pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.

Speaking, Sanusi, who expressed happiness at visiting the new CBN Governor, noted that the bank’s activities have a massive impact on the lives of Nigerians.

The former Emir added that many people often “do not know the impact of a Central Bank’s works until a Central Bank fails”.

Also speaking, the Chairman of the Community, Ibukun Awosika, said they were at the CBN to express their willingness to support what the apex 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 with impact investing.

She further stated that the Community, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.

Cardoso said the CBN, under his leadership, will focus mainly on the core mandate of price stability.

Cardoso said he and his team were determined to change the narrative about the CBN and make the apex bank more impactful in the lives of Nigerians by curtailing inflation.

“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives,” the CBN boss said.

Cardoso further 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.

The Star