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.
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.
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