United Capital Group, an asset management group, has voiced its support for the Central Bank of Nigeria’s decision to collaborate with various stakeholders in future intervention programs.
The firm highlighted the importance of inclusivity in the market and the positive impact of diverse perspectives contributing to well-informed decisions.
Anticipating a modest improvement in the naira’s valuation through effective implementation of CBN’s reforms, United Capital acknowledged the persistently low investor confidence in the economy.
The group emphasized the need for Nigeria to boost crude oil production and revitalize the non-oil sector to diversify revenue sources, thereby strengthening the naira.
United Capital expressed confidence in the CBN’s new communication strategy, emphasizing its role in educating the public about the rationale behind the apex bank’s decisions.
Specifically, effective communication of the Monetary Policy Committee’s decisions was seen as crucial in addressing inflationary pressures.
CBN Governor Dr. Olayemi Cardoso emphasized the necessity of interventions in Nigeria due to its vast landmass and population.
However, he stressed the importance of a well-structured framework to ensure interventions reach their intended beneficiaries.
Cardoso highlighted the need for collaboration with various stakeholders, both local and international, with proven experiences to avoid the luxury of failed interventions.
He emphasized the goal of ensuring interventions have a meaningful impact, especially for those at the lower rungs of the economic pyramid.
As of October 2022, approximately N9tn had been released as intervention funds by the apex bank, reflecting the scale of financial commitment to support the economy.
