CBN Solicits Support Of Labour Unions To Turn Around Economy

The Central Bank of Nigeria (CBN) has called for the support of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) in its five-year policy aimed at growing the economy.

The regulatory bank spokesman, Osita Nwanisobi made the call at a one-day interactive and enlightenment session with the organised labour and civil society in the South-South zone on Saturday in Lagos.

According to him, the CBN policy thrust targets double-digit growth, single-digit inflation and increased financial inclusion on or before 2024.

“Nigerians are eager and want to see our economy grow, they Trade Union Congress (TUC)want to see sustainable development, but the Central Bank alone cannot deal with all of these issues.

“We believe that labour being a significant and an important stakeholder group will be able to take this message across to their people because some persons do not know that some of these interventions are there.

“So, we believe that it is important that every Nigerian key into this reality that we need to grow our economy,” Nwanisobi said.

He noted, for instance, some of the members of the labour unions in the rural areas might not be aware of CBN’s Anchor Borrowers Initiative, which was for smallholder farmers.

He said it was important that someone took the information to them.

On abuse of the naira, Nwanisobi urged Nigerians to have a change of mindset on the way the country’s national pride was handled.

He said the apex bank was partnering security agents to ensure that people respected the naira, adding that anyone caught abusing the currency would be prosecuted.

Nwanisobi urged microfinance banks to restrict their operations to the dictate of their operational license, and not engage in non-permissible activities like foreign exchange transactions.

According to him, dealing in such transactions posed a serious risk to the stability of the country’s financial system.

Mr Abodurin Omotosho, Secretary of, Trade Union Congress, representing the TUC Chairman, Lagos State, urged the government to create jobs and tame unemployment.

“Very important to us is to pledge support for job creation, especially with the effect of the pandemic on employment.

“We are also keen to see deposit money banks improve access to credit to not only smallholder farmers and SMEs but also consumer credit and mortgage facilities for workers,” he said.