The Nigerian Economic Society (NES) has called for enhanced collaboration between the group and the Central Bank of Nigeria (CBN) to reshape the nation’s economy to boost growth and development.
Adeola Adenikinju ( a professor), president of NES noted this in a statement issued after a courtesy visit of the society to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
Adenikinju said the group paid a courtesy visit to the CBN Governor on November 14, 2023.
He said the group would collaborate with the apex bank research to deliver on its key mandates.
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“We think there are two key areas of need that NES can play an important role in helping the bank deliver on its mandates.
“First, although the bank has great capacity and resources for research, assessment studies of the effectiveness of bank’s own policies and interventions are best undertaken by independent reputable external entities, in line with international best practices, and are regarded more credible.
“Secondly, collaboration with NES can also focus specifically on advocacy, focusing on certain specific issues that the bank may choose from time to time, hence complementing the bank’s policy communication,” Adenikinju added.
While advocating for new areas of collaboration, he emphasised the need to strengthen economic research and policy reform collaborations between CBN and the NES in line with with global best practices.
While lauding some of the policy initiatives of Cardoso and his management team, Adenikinju called for the reconfiguration of the nation’s monetary architecture to align with the uniqueness of the Nigerian economic ecosystem.
“The NES lauds the positions and actions that the CBN has taken in recent times. Your decision that the CBN under your watch would stick to its primary responsibility of monetary and price stability is laudable.
“You have also indicated that there would be compliance with Statutory Laws and Regulations, and that the bank would invest more in human capacity development. You have also indicated that you would work closely with your fiscal counterparts so as to promote a harmonious monetary and fiscal coordination.
“The steps taken by the CBN towards achieving exchange rate unification, and paying down on FX liabilities are steps in the right direction,” he said.
Adenikinju said the NES would remain committed to partnering with the apex bank to deliver a strong post-COVID-19 and post-oil economy.
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“The monetary policy architecture should be configured to fit the uniqueness and urgent imperatives of the Nigerian economic ecosystem to leapfrog it unto a path of sustainable economic growth and development.
“In this onerous national task, the CBN should always count on us as dependable partners ready to give our hand of friendship and needed support when called upon,” he said.
While advocating for new areas of collaboration, the NES President emphasised the need to strengthen economic research and policy reform collaborations between CBN and the NES in line with with global best practices.
Responding, Cardoso thanked the NES Council members for the courtesy visit and lauded their continued policy advocacy in the Nigerian economy.
He assured that the apex bank would continue to collaborate with the NES as done by his predecessors.
Cardoso reaffirmed the bank’s commitment to concentrate on the price stability mandate of the CBN for economic growth and development.
He also harped on the need for the NES to continue to train the up-coming economists in the country through well targeted capacity building programmes for an inclusive growth, while also supporting gender-equality.
