Why CBN should hop onto ‘Next Level’

As the title of REO Speedwagon’s song in the early 80s, the words that the Nigerian president should pay great attention to now is ‘Don’t let him go’. Godwin Emefiele deserves a chance to make us grow, a second chance to continue the beautiful work he has started, to build on his impressive achievements, and […]

As the title of REO Speedwagon’s song in the early 80s, the words that the Nigerian president should pay great attention to now is ‘Don’t let him go’. Godwin Emefiele deserves a chance to make us grow, a second chance to continue the beautiful work he has started, to build on his impressive achievements, and hardworking repose to ensure Nigeria is placed on a very solid pedestal, economically.

By the 3rd of June, 2019, Emefiele’s tenure will come to an end, and the feelers from town are suggesting there may be a change of leadership at Nigeria’s apex bank. While these rumours have not been verified and are lacking in substance as at the time of writing this article, no fire, they say is without smoke. An exit of Emefiele at this critical period in our steady rise will be a huge blow and one that may send us crashing down if great care is not taken.

The University of Nigeria, Nsukka (UNN) graduate has proven himself beyond every reasonable doubt in the last five years. He has constantly been tested and has come out of those situations with stronger proofs that he is indeed the man to take our finances forward.

Times were when Nigeria was breathing heavily at the impinging pressure of recession. Thanks largely to Emefiele, we pulled through and the economy has been on a rise, though slowly and steadily but much more assuredly.

His resolve, charisma and ability to make crucial decisions have definitely stood him out as one man to keep. He is Nigeria’s marquee player, who has taken to the myriads of challenges facing him like a duck to water. And he has risen from the early days of greyness and lots of doubts on his approach to put Nigeria in good stead.

Under Emefiele, the Medium and Small Scale Enterprise (MSME) has enjoyed a new lease of life, getting regular supports through key decisions that have helped boost local productions and better strength for the local market. In July 2018, the CBN listed 41 items as being banned from receiving forex. This has done a world of good to local producers.

As one of the key elements of the nation’s slow and steady diversion away from petroleum, he has helped boost the agricultural revolution as a key player in the federal government’s efforts.

In previous elections, Nigerians were faced with an erratic ‘behaviour’ of the naira. It goes topsy-turvy in value, thereby also distorting many businesses and affecting their clear cut plans. With Emefiele standing at the helm of Nigeria’s finances in 2019, there was impressive and unprecedented stability of the naira, despite it being an election year.

The Anchor Borrowers’ Programme is just one of the CBN Chief’s achievement, giving lots of Nigerian businessmen the opportunity to access loans, at reasonable interest rates. A big testament to this is the revelation of the Director-General, Africa Rice Center, Benin Republic, Dr Harold Roy-Macauley, who broke the news on Tuesday that Nigeria has overtaken Egypt as Africa’s number one rice producer with 4 million tonnes in 2018. There has been a surge in the number of rice farmers in the country, due to the programme, which has been considered easier and more flexible than the rigid policies of old.

Emefiele’s efforts in ensuring Nigeria attain food security, industrialization, better access to capital and the CBN’s continued commitment to ensuring Nigeria attains good power supply are all enough reasons to keep him in the job.

The All Progressives Congress (APC), the ruling party’s campaign manifestoes on the economy were basically centralised on the stability of Nigeria’s Monetary Policy Committee(MPC) reports. It must be noted that Emefiele is the man behind this as the FG’s economic policies have been hailed as progressive and sound, all to the impressive work he has put in.

If Nigeria’s eagle will fly higher than it is currently attempting to do, there is the need to keep a Super one in the current CBN Chief as he has proven himself, time and again, as being worthy of the position he has passionately and proudly held. Whoever is planning to wield the stick must check the quality of trees in our forest, as this is one big Iroko.

Balogun wrote in from Lekki Phase II, Lagos.