COMFORT EKELEME, Business Editor
As Nigeria marks its 65th independence anniversary, the Centre for the Promotion of Private Enterprise (CPPE) has called for a monetary policy framework that strengthens linkages between the banking system, the real sector and small businesses.
Chief Executive Officer, CPPE, Dr. Muda Yusuf who stated this weekend in an interview with Daily Champion.
He said one of the most significant sectoral transformations in the Nigerian economy since independence has been in the banking sector.
According to him, the sector has been able to go beyond the shores of Nigeria and established footprints within the African continent and even globally.
He said, “The truth of the matter is that the Nigerian banking sector can stand side by side with their counterpart globally.
“The only challenge is not that of their operational efficiency; it is the fact that the sector has not been able to connect properly with the real sector of the economy and small businesses.
“This is not the making of the financial institutions; this is essentially within the realm of monetary policy. We need the right monetary policy to shift the connection between the banking system, the real sector, and small businesses.
Speaking further, he said, “But nonetheless, the Fintechs, which has grown phenomenally in the last years, has placed a significant role connecting the informal sector, micro enterprises and in deepening financial inclusion.
“The growth has been phenomenal and the impact has been very considerable in the economy,” he said.
To him, the level of use of technology, the level of financial inclusion has been quite amazing.
He stated that the sector has been one of the fastest-growing sectors, a technology-driven sector, stressing that the efficiency of the sector has been very remarkable.
Dr. Yusuf who also recognized how profoundly the Nigerian economy has changed, noted that
agriculture was once the dominant source of livelihoods and exports.
He added that petroleum subsequently reshaped public finance, while telecommunications, banking, trade, construction, entertainment and digital services expanded the range of opportunities available to Nigerian businesses and youths.
The CPPE boss further noted that large investments in cement, fertiliser and refining have also demonstrated the potential for production at scale.Yet the country’s economic transformation remains incomplete.
He urged the government to prioritise power supply, security in farming and commercial corridors, ports and logistics, agricultural yields, industrial competitiveness and skills relevant to enterprise.
“Public support for industry should be tied to investment, efficiency and export performance.
“The objective is to lower the cost of producing in Nigeria and expand the supply of goods and services that citizens can afford. All tiers of government must deliver the benefits of national reform will be realised largely where people live and businesses operate.
“The Federal Government must sustain macroeconomic stability and deliver national security, power and transport priorities. State governments must improve land administration, roads, investment approvals, schools and healthcare.
“Local governments must maintain community infrastructure, provide effective basic services and end arbitrary levies that burden small enterprises. These responsibilities are connected,” he said.
Dr. Yusuf further noted that a federal highway cannot unlock agricultural production if state and local roads leave farms inaccessible.
He said, more public revenue will have limited value if clinics lack staff, schools lack teachers and businesses still provide their own power and water.
Also, he added that greater resources across the federation must therefore come with clearer spending priorities and public accountability.
He said, the three tiers of government should deliver measurable outcomes: lower transport and production costs, higher farm yields, more reliable services, stronger learning and health outcomes, and more productive jobs.
“Citizens should be able to see where additional public resources went and what improved as a result.At 66, Nigeria has the enterprise and resources to achieve far more.
“The priority is to convert the gains from reform into higher productivity—and to ensure that higher productivity is felt in the living standards of Nigerians,” he stated.
For a better society
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