CBN IS THE ECONOMIC PROBLEM OF NIGERIA says NAE President, Prof. Eleazu*
*CBN IS THE ECONOMIC PROBLEM OF NIGERIA says NAE President, Prof. Eleazu*
The president and founder, Nigeria Association of Economics (NAE), Prof. Innocent Eleazu has unequivocally condemned the ineptitude of the Central Bank of Nigeria, describing it as the economic problem of the nation.
Prof. Eleazu made this known on Wednesday, 17th of April, 2024 during a press conference in his home to mark his birthday anniversary.
While addressing the press, he stated that the Central Bank of Nigeria was established by the CBN act of 1958 and started operation in July 1, 1959 with the principal regulatory objectives of the bank which are stated in the CBN act, including to maintain external reserves of the country, promote monetary stability, maintain sound financial environment, act as a banker of last resort and become the financial adviser to the federal government.
However, he emphasized that the Central Bank of Nigeria has failed the Nigerian people woefully in its role especially in the areas of lender of last resort, financial adviser to the federal government, promotion of monetary stability and sound financial environment.
He lamented the situation of the Nigerian economy, adding that it is pathetic that Nigeria has condescended to the point of borrowing money to service its debts, describing such development as a huge disappointment and a slap on the face of a country known as the giant of Africa.
Consequently, he calls for the immediate total reform of the CBN if the Federal Government wants to attain the major regulatory objectives of the bank as stated in the CBN act of 1958.
He emphasized that failure of the CBN and Nigerian government to take economic advice from experts is the reason behind the country’s economic deterioration and total collapse.
In the face of biting economic hardship, Prof. Eleazu enjoins the Nigerian people to return to land, stressing that agriculture is a plausible alternative to our individual and collective economic woes.
