Governor of the Central Bank of Nigeria, Godwin Emefiele has unveiled a Monetary Policy road map for his second term promising to recapitalize banks within the next five years to make them contribute significantly to economic growth.
Emefiele unveiled the economic blueprint during a media briefing at the apex bank headquarters in Abuja.
He said the CBN would pursue an economic agenda that would make the Nigerian economy grow by double digits through targeted programmes that would boost output.
The apex ban governor also pledged to work with Deposit Money Banks to boost credit to the real sector as well as the creative and education sector.
He also promised more support to farmers to keep the inflation rate in check.
According to Emefiele, the decisions of the Monetary Policy Committee on inflation and interest rates will depend on data on key economic variables.
“We will work with other stakeholders and we shall bring down the cost of food items which has considerable weight in the Consumer Price Index basket.
“Our ultimate objective is to anchor the public’s inflation expectation at single digits in the medium to long-term.
“We believe that a low and stable inflationary environment is essential to the growth of our economy because it will help support long-term planning by individuals and businesses.
“Such will also help to lower interest rates charged by banks to businesses thereby facilitating improved access to credit and corresponding growth in output and employment,” he said.
Emefiele also noted that the CBN “will leverage monetary policy tools in supporting a low inflation environment, while seeking to maintain stability of the exchange rate,’’ he said.