The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has called on the Central Bank of Nigeria (CBN) to step up its efforts in protecting indigenous businesses and the country’s industrial sector from potential collapse.
ECCIMA President, Odeiga Jideonwo, made this appeal on Saturday during the CBN Special Day at the 36th Enugu International Trade Fair. He acknowledged the CBN’s past efforts to support various sectors of the economy but emphasized the need for more sustainable and impactful intervention strategies.
Jideonwo expressed concern over the CBN’s ongoing increase in interest rates, aimed at controlling inflation and managing liquidity. He warned that the high interest rate environment could limit business access to loans, which in turn affects productivity, economic growth, and stability.
“Access to credit and the cost of funds directly influence productivity and GDP.
We hope these policies align with the federal government’s renewed hope agenda,” he said.
He also commended the CBN for reversing its 2023 decision to withdraw from trade fairs.
He said the renewed participation in such events helps the public engage directly with the bank and better understand its initiatives.
Speaking at the event, Hakama Ali, Acting Director of Corporate Communications at the CBN, highlighted the bank’s efforts to tackle macroeconomic challenges and maintain a stable financial system.
She noted the CBN’s ongoing work to strengthen the banking sector through recapitalisation and improve the quality of investments.
Ali also emphasized the progress of Nigeria’s payment system, which she described as globally recognized.
According to her, improved payment platforms have enhanced financial inclusion and made transactions more accessible and affordable.
She concluded by saying the CBN’s approach to achieving industrial development is built on three pillars: a strong financial system, a stable foreign exchange market, and collaboration between monetary and fiscal authorities.
These efforts, she said, have already led to increased foreign investment and improved trade balance.
