Following the decisions made by the Central Bank of Nigeria (CBN) at its most recent Monetary Policy Committee (MPC) meeting on February 27, Tony Elumelu, Chairman of the United Bank for Africa (UBA), has stated that Nigeria’s economy is headed in the right direction.
According to Anaedoonline.ng, the CBN increased the Monetary Policy Rate (MPR) during the meeting by 400 basis points, from 18.75 percent to 22.75 percent, as part of its tightening of the monetary space policy.
In an interview on Thursday, the business tycoon voiced cautious confidence that Nigeria is “getting there,” underlining that “transformation” takes time and that the current reforms should be continued.
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But in order to guarantee that their policies produce the desired outcomes over the medium to long term, he said, authorities must be consistent and focused.
“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.
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“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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