Skip to content

SME Guide

Former CBN Governor Urges New Leadership to Curb High Inflation in Nigeria

Lamido Sanusi, former Governor of the Central Bank of Nigeria (CBN), has advised the new CBN leadership to take urgent steps to reduce the high inflation rate in Nigeria. Sanusi gave this recommendation during a visit to the CBN headquarters in Abuja last week.

The inflation rate in Nigeria has continued to rise in recent months, reaching 26.72% in September 2023. This high inflation is eroding the wealth of Nigerians, according to Sanusi.

While meeting with CBN Governor Olayemi Cardoso, Sanusi stressed the need for persistent efforts by the apex bank to lower inflation. He acknowledged the importance of long-term CBN planning to meet its mandate.

Sanusi also urged fiscal authorities to prioritise investments in agriculture and education, especially for girls. “The Bank’s activities have a huge impact on Nigerians’ lives, so I urged the new CBN team to drive down inflation, which has severely hurt individual wealth,” he stated.

In response, Governor Cardoso promised the CBN would focus on its core price stability objective under his leadership. His team is determined to change the narrative and make the CBN more impactful by curtailing rising prices.

Cardoso thanked Sanusi and the visiting Impact Investing Community delegation for their leadership and efforts to spur investments that can positively influence Nigerians’ lives and economic growth.

The CBN Governor assured them the bank would collaborate on frameworks to encourage impactful investments in the country. Ibukun Awosika, Chairperson of the Impact Investing Community, said they want to support the CBN’s goals to improve Nigeria’s investment climate and direct financing to high-impact areas.

Leave a Reply

Your email address will not be published. Required fields are marked *