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Home Business News

Business confidence in Nigeria impacted by insecurity – CBN

William Ukpe by William Ukpe
July 28, 2021
in Business News, Spotlight
Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September, Credit to Nigerian economy falls to N38.67 trillion as private stagnates at N30 trillion, Availability of secured credit to businesses and households increases as unsecured credit to households dips in Q3 2020 - CBN, CBN releases regulatory guidelines on the eNaira
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The Central Bank of Nigeria has disclosed that the rising insecurity is affecting business confidence in Nigeria and overall economic activity.

This was disclosed by CBN Governor, Godwin Emefiele during Tuesday’s Monetary Policy Committee (MPC) meeting in Abuja, where he urged for more security assets in key commodity-producing areas.

What the CBN Governor said

Mr Emefiele noted the adverse impact that insecurity is having on activities that would have necessarily grown the economy and boosted business confidence.

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He stated, “Insecurity had impacts on business confidence and overall economic activity.

The MPC noted insecurity activity in key commodity-producing areas, and urged the FG to intensify security surveillance in farming areas.” 

The CBN Governor revealed that MPC members expressed optimism of a likely moderating impact of forthcoming food harvest as it contributes to headline inflation. He added that the CBN will continue to release maize from its maize reserves to millers as part of strategic options to address rising food prices and moderate the price of maize across the country.

Emefiele and the MPC members noted that poor infrastructure affects domestic inflation, hence, reiterating their call to FG to prioritise investment in public infrastructure.

“Funding for such projects could be sourced through PPP and diaspora bond,” he said.

In case you missed it

  • Nairametrics reported that the Central Bank of Nigeria disclosed that it disbursed the sum of N736.51 billion to 3,734,939 smallholder farmers, cultivating 4.6 million hectares of farmland.
  • The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%.
  • The CBN hit at the Bureau De Change (BDC) for illegal forex trading and said it will henceforth discontinue the sale of forex to the Bureau operators in Nigeria. It also said it will henceforth stop the licensing of new Bureau De Change (BDC) operators and further processing of BDC applications for forex across the country.
Tags: Central Bank of NigeriaMonetary Policy CommitteeMPC
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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