Abuja, Oct. 16, 2024 (TheGavel) — Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasized the government’s commitment to enhancing financial inclusion for women, labeling it a top priority. Cardoso made these remarks during a question-and-answer session at the 30th Nigeria Economic Summit (NES30) held in Abuja on Wednesday.
In his address, Cardoso highlighted the crucial role women play in the nation’s economy. “Women provide a very big and significant portion of the workforce, and they contribute extensively across various sectors. Women’s resilience and silent influence go a long way in advancing economic activities, particularly in Nigeria and other parts of Africa,” he stated.
To address the existing gender gap within the banking sector, Cardoso outlined several initiatives aimed at empowering women economically. “A week or so ago, the CBN signed a code for women entrepreneurs financing, and it is going to implement a framework that will hopefully lead to greater financial inclusion for women in the country,” he said. This new initiative, supported by partnerships with the Development Bank of Nigeria and the Bank of Industry, aims to expand access to financial services and enhance economic opportunities for female entrepreneurs.
Cardoso underscored the importance of returning to fundamental economic principles, stating, “Without a strong economic base, trade-offs will only offer short-term solutions.”
The session also delved into pressing issues facing Nigeria’s economy, including monetary policy and rising inflation. Cardoso discussed recent monetary policy adjustments, including an increase in interest rates from 26.75% to 27.25%, as well as an adjustment of the bank’s Cash Reserve Ratio (CRR) to 50% for commercial banks. He explained that these policies are crucial in the fight against inflation.
“High inflation erodes purchasing power, discourages investment, and ultimately impacts the productive sector,” Cardoso noted. He stressed that “taming inflation is key because if you do not tame it, it has a major throwback. It can deter investment and significantly reduce purchasing power.”
Cardoso expressed optimism that as inflation begins to moderate, interest rates will also decrease, fostering a more favorable environment for businesses to thrive. “We hope that as inflation begins to moderate, interest rates will start to come down,” he said, concluding that a balanced approach would eventually facilitate lowered interest rates, benefiting the overall economy.(NAN)
Dear readers, we really need your support to keep on serving you with authoritative, truthful, and juicy stories everyday. For your support, please reach out to the editor @gavelinternational66@gmail.com