The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has urged the Central Bank of Nigeria (CBN) to take more decisive actions to support the survival of indigenous businesses.
Chief Odeiga Jideonwo, ECCIMA’s President, made this call during the CBN Special Day at the 36th Enugu International Trade Fair on Saturday.
Jideonwo acknowledged the various interventions by the CBN in supporting business growth but emphasized the need for more sustainable strategies to help businesses thrive.
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He specifically expressed concerns about the continuous rise in interest rates as part of the CBN’s efforts to manage inflation and liquidity challenges.
The president noted that such an aggressive interest rate policy could significantly hinder businesses’ access to credit, a vital resource for growth and productivity.
“There is no doubt that access to credit and cost of funds have relationships with increasing or decreasing levels of productivity, GDP and stabilizing our economy, highlighting the impact of financial policies on the broader economy.
He also praised the CBN’s recent decision to reverse its 2023 policy of avoiding trade fairs, noting that this move would improve communication between the bank and the public.
By attending trade fairs, the CBN can directly engage with Nigerians, promoting financial inclusion and creating more awareness about available payment platforms..
