• Friday, March 29, 2024
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USNC backs CBN’s monetary policy to spur Nigeria’s economic growth

CBN
United States Nigeria Council (USNC), a business organisation dedicated to deepening commercial ties between the US and Nigeria and creating a platform for leading Nigerian entrepreneurs, has backed the Central Bank of Nigeria’s (CBN) monetary policy to stimulate Nigeria’s economic progress under the present administration.
At the annual executive spring dinner in Washington DC, USA on the margins of the World Bank/IMF Spring meetings, with over 60 leading Nigerian and American business executives and high-level public officials in attendance, Terence McCulley, an ambassador and USNC chairman, said the council was satisfied with the positive economic developments taking place in Nigeria and would encouraged investors to take a new look at the Nigeria’s economy under the present administration of Muhammadu Buhari.
He said that the council supported the apex bank’s monetary policy under the CBN governor, Godwin Emefiele, for steering the country’s economy out of recession and sustaining economic growth.
He said US companies would be urged to continue to invest in Nigeria’s economy in a bid to strengthen the two countries’ economic ties.
“The council remains the only business group solely focused on Nigeria, and we are pleased to serve as a convener of U.S. and Nigerian entrepreneurs in support of this important bilateral relationship,” McCulley said.
Emefiele, in his speech at the dinner meeting, said Nigeria’s economy had witnessed seven quarters of sustained economic recovery and growth.
He urged US companies to take a closer look at the new dawn in Nigerian economy by coming to invest in the country.
Also speaking, the US Ambassador to Nigeria W. Stuart echoed the optimism for Nigeria’s progress by assuring the CBN governor of more US companies’ presence in Nigeria.
In his own speech, Emmanuel Okeleji, founder of SeamlessHR, explained that the USNC partnership has greatly impacted on Nigeria’s economy, in terms of job creation, food security and ICT development.
“Partnering with leading Nigerian and US companies can greatly accelerate our growth and thus job creation in Nigeria,” he said.
In attendance at the dinner meeting were the host chairman Ambassador Terence McCulley, co-chair John Coumantaros of Flour Mills of Nigeria; Central Bank Governor Godwin Emefiele; Governor of Edo State Godwin Obaseki; Emmanuel Okeleji, founder of SeamlessHR; Sam Immanuel, founder of Semicolon, and Kendall Ananyi, founder of Tizeti (wifi.com).
From the U.S. government were US ambassador to Nigeria W. Stuart Symington, deputy assistant secretary of state for West Africa and security affairs Whitney Baird.