Godwin Emefiele, Governor of the Central Bank of Nigeria, has unveiled a five-year plan agenda to grow the economy.
He made this known on Monday during a media briefing held at the apex bank headquarters in Abuja.
The governor said he would work with Deposit Money Banks in the next five years to boost credit to the real sector as well as the creative and education sector.
The vision of the bank under his management for the next five years, he said, will be to work closely with the fiscal authorities to target a double digit growth; bring down inflation to single digit; and accelerate the rate of employment.
“Put succinctly, our priorities at the CBN over the next five years are the following; First, preserve domestic macroeconomic and financial stability; Second, foster the development of a robust payments system infrastructure that will increase access to finance for all Nigerians thereby raising the financial inclusion rate in the country; Third, continue to work with the Deposit Money Banks to improve access to credit for not only small holder farmers and MSMEs but also consumer credit and mortgage facilities for bank customers. Our intervention support shall also be extended to our youth population who possess entrepreneurship skills in the creative industry,” Emefiele said.
On macro-economic stability, he said over the next five years, emphasis would be on supporting improved gross domestics product (GDP) growth and greater private sector investment.
According to him, the CBN intends to leverage monetary policy tools in supporting a low inflation environment, while seeking to maintain stability in our exchange rate.
He said decisions by the Monetary Policy Committee on inflation and interest rates will be dependent on insights generated from data on key economic variables.
Also, he said the CBN would also strive to continue to sustain a positive interest rate regime.
Monetary policy measures, he said. will be geared towards containing inflationary pressure and supporting improved productivity in the agricultural and manufacturing sectors.
To bring down the cost of food items, which have considerable weight in the Consumer Price Index basket, Emefiele said the bank will work with other interest groups towards that objective.
“Our ultimate objective is to anchor the public’s inflation expectation at single digits in the medium to long run.
“We believe a low and stable inflationary environment is essential to the growth of our economy because it will help support long term planning by individuals and businesses,” he said.