The meeting should dig deep and contemplate measures that will have an immediate effect on the local Economy. I have not seen what the current CBN Governor has done wrongly to deserve the storm of negative criticisms. His approach has been cautious and very evenhanded. And that is adequate for now given what the economy is experiencing. The reflections are in the inflationary adjustment rates. Only 9.2% in the series? Wow! I think it should’ve been higher given our predicaments.
Had he gone radically with extreme MPC policy approaches, we’ll be looking at a double digit inflation which has a dimension all its own. Even with the crude oil prices at where they are now, $57.00 per barrel, we have strength for growth. The Government is bent on implementing a tight budget; a meaningful control on spending. Therefore, we must look inwards and enshrine measures to turn around Manufacturing, Job creation, essential importation designations(the sorts not to trigger trade antagonisms with our partners), a massive revamping of our road networks. Reach out to the patriotic individuals and corporations to help, for the Economy remains a machine for all of us public and private sectors. I would have desired the MPC meetings incorporate key industrial leaders to point a direction towards manufacturing again in the Country. For the people, patience should be advocated. They have endured a lot but a little more accommodating for the good measures to take effect, is in order. The Economy is in a dog house and it takes an all-encompassing efforts to coax it performing at least, normally again. This is not the time for arguments. It is the time to orchestrate a plan and a gradual but resolute execution. The Naira will always be in freefall with competing currencies as far as our current Economic situation persists.