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Private sector mobilises N100b to tackle insecurity, says Elumelu

By Collins Olayinka, Abuja
14 February 2022   |   2:53 am
Nigeria’s private sector has mobilised N100 billion to support the fight against insecurity in the country, Chairman, UBA Group, Tony Elumelu, has said.

Tony Elumelu

•CBN justifies interventionist approach

Nigeria’s private sector has mobilised N100 billion to support the fight against insecurity in the country, Chairman, UBA Group, Tony Elumelu, has said.

Speaking in Abuja at the UBA Group’s Chairman Forum, Elumelu, who paid glowing tributes to the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, attributed the success of the private sector coalition to the governor’s support and commitment.

He said: “It was during the Coronavirus Disease (COVID-19) outbreak that some Nigerians were able to know what the private sector could do under the governor. I am sure my members would not like me to talk about it.

“We, the private sector, have just put N100 billion together, again, under this coalition to help fight insecurity or to support our security agencies capacitise, to be able to deal with the issues we have in the country on security. We believe that if they are well armed and protected, it will go a long way in helping to assure security in Nigeria.”

On his part, Emefiele insisted that the CBN’s intervention is backed by the Act that established the apex bank, with focus on opening up the manufacturing and agriculture sectors to create jobs.

Given Nigeria’s huge population of around 200 million, with favourable youth demographics, the CBN governor said necessary support to households and businesses, such as improved access to finance and better infrastructure, will boost productivity, help in enabling greater Foreign Direct Investment (FDI) flows into the economy.

He argued that there was a growing recognition for the CBN to refine its monetary policy tools and regulatory framework to make it more responsive to the needs of Nigerians.

“It is important that this new framework enabled the flow of credit by financial institutions to critical sectors, to aid our efforts at driving productive activities and creating job opportunities for our growing population.

“It is our belief that investments in agriculture and related sectors, distribution and storage systems, and necessary market infrastructure are critical to build a cost-effective, viable and sustainable food system in Africa,” he stated.

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