Former Governor of the Central Bank of Nigeria (CBN), Khalifa Muhammadu Sanusi II has expressed concern over the current inflation rate in the country.
Sanusi, who led a team of Impact Investing Community (IIC) on an official visit to the new apex Bank Governor, Olayemi Cardoso, asked the new leadership of the bank to work persistently at driving down the rate.
Sanusi II, who was the 14th Emir of Kano and is currently the Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighbouring countries, said that addressing the high information rate will severely impact the wealth of individuals.
He said that many people often “do not know the impact of a Central Bank’s works until a Central Bank fails.”
The former Governor acknowledged the importance of long-term planning by the CBN in achieving its goals, even as he emphasised the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.
Khalifa Sanusi pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.
Also speaking, the Chairman of the Impact Investing, Mrs. Ibukun Awosika, said that they were at the CBN to register their willingness to support what the Bank and the Federal Government are doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they will make the most positive impact.
According to her, over $200 Trillion is available around the globe as investment funds, with $1 Trillion of it with impact investing.
She said that Impact Investing, with presence in over 41 countries, is willing to blend with traditional investment practitioners to make an impact in the country. While stressing the importance of social investment, she sought the support of the CBN to enable the body to achieve its goal.
This was even as the current apex Bank Governor, Cardoso reiterated that under his leadership, the Bank will focus mainly on the core mandate of price stability.
He said that he and his team are determined to change the narrative about the Bank and make it more impactful in the lives of Nigerians by curtailing inflation.
“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”
The CBN boss said that the Impact Investment Community represents an excellent future for Nigeria and has the potential to transform the country’s economy by tapping into the investment opportunities available across the country and the world.
While commending the quality of leadership at Impact Investing Community and its effort to create awareness as well as build partnerships, the Governor assured that the apex Bank would collaborate with them in the direction of putting in place frameworks that will encourage investments that will positively influence the lives of Nigerians and contribute to economic growth.
Speaking also, the Deputy Governor in charge of Corporate Services of the CBN, Dr. Bala Bello, stressed the importance of investment, saying that global capital is moving towards social investment.
He acknowledged that collaboration and effective communication are vital to successfully navigating the current challenges in the country.