TO ensure better private sector participation, the Central Bank of Nigeria (CBN) has been urged to evolve a monetary policy that focuses on stimulation of economic growth and job creation.
The call was made at the weekend by industrialists, adding that the monetary policy tools-Monetary Policy Rate (MPR), Liquidity Ratio and the Cash Reserve requirements should be appropriately adjusted to create the conditions that would boost economic activities in the country.
The President, Lagos Chamber of Commerce and Industry, Goodie Ibru, stated on Sunday that based on the prospects for a sustained slow down in economic growth and the likely increase in unemployment as businesses suffer, there was the need for better monetary policy to liberalise credit conditions and boost economic activities.
He said that MPR had remained unchanged for seven consecutive times since October 2011, urging that as the Monetary Policy Committee (MPC) prepares for its next meeting billed to hold today and tomorrow, which happens to be the last MPC meeting this year, the policy should appropriately be made friendly.
According to him, "while we recognise the inflationary risk and the threat to exchange rate stability, we also believe that stimulating the economy at this time is crucial. The impact of structural factors in Nigeria's inflation phenomenon should also be acknowledged and addressed through appropriate fiscal policy channels.
He added: "The global economy began the fourth quarter without any visible improvement over the first nine months of the year as economic conditions in most countries remain weak.
