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Video: Obaseki Disagrees with CBN Policies, Advocates for Economic Growth Strategies

Ismail Abdulazeez Mantu, Reporting

Edo State, Nigeria

Edo State Governor, Godwin Obaseki, has voiced his disagreement with the recent policies implemented by the Central Bank of Nigeria (CBN), particularly the decision to increase the Monetary Policy Rate (MRP) by 400 basis points to 22.75% from 18.75%.

Governor Obaseki expressed concerns, asserting that these policies would not foster the desired growth in the country’s economy.

Speaking at an event organized by the Edo Zone of the Bankers’ Committee in Benin City, Governor Obaseki outlined his reservations about the recent monetary adjustments and stressed the importance of promoting homegrown goods and services as a strategic solution to the current economic challenges facing the nation. Emphasizing the need for prioritizing job creation, particularly for the burgeoning youth population, he called for a shift in focus towards initiatives that would empower and engage the younger generation.

The governor took the opportunity to highlight some of the achievements of his administration over the last seven years. Notable accomplishments include a marked improvement in security, successful attraction of private investments, a significant reduction in cases of illegal migration and human trafficking, and substantial job creation. Furthermore, there has been a noteworthy increase in agriculture production, facilitated by the implementation of policies supporting the sector.

Governor Obaseki also pointed out the strides made in the state’s technological landscape, citing the laying of over 2,000 kilometers of fiber optic cables that have resulted in widespread digital connectivity across Edo State. Additionally, there has been an improvement in electricity generation, contributing to a more reliable power supply. The overall effect of these measures has been a considerable boost in the state’s Gross Domestic Product (GDP) growth.

Obaseki urged stakeholders to engage in constructive dialogue with the Central Bank of Nigeria to reconsider the recent policy changes. He emphasized the importance of adopting measures that would stimulate economic growth, ensure sustainability, and create a conducive environment for both local and international investments.

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