CBN reiterates commitment to create enabling environment for businesses

The Central Bank of Nigeria (CBN) has reiterated its commitment to grow the Nigeria economy by creating an enabling environment for businesses to develop.

Mr Olayemi Cardoso, the CBN Governor, said this on Thursday in Abuja at a stakeholders’ roundtable on Inclusive Business Up-scaling in Nigeria.

Cardoso, represented by Mr Blaise Ijebor, CBN Director of Risk Management, said the bank was working to ensure businesses thrived in the country.

“As the Central Bank of Nigeria, our primary responsibility and focus remains creating an environment for economic growth and development.

“Programmes like this sit in the centre of our idea on inclusive businesses and scaling-up those inclusive businesses. The only true way for economic development is when development is bottom-up and inclusive.

“CBN looks at when it is starting from the grassroots, starting from the bottom of the economic pyramid and it grows and scales up to become big titans,” he said.

Cardoso said that the Apex Bank was focused on eliminating challenges that people faced with regards to setting up businesses in Nigeria and growing those businesses.

According to him, over the last few months and for almost a year now, we have seen the steps and efforts that the CBN has taken to stabilise the naira.

“We have pushed a lot of our best discovery and our currency has found its value and whatever the value is, we believe that it is good for every business in Nigeria,” he said.

Mrs Aisha Rimi, the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), said that inclusive businesses that offered goods, services, and livelihoods on a commercial viable basis should be prioritised.

Rimi, represented by Mr Abayomi Salami, said that inclusive businesses also integrated consumers at the economic bottom of the pyramid into their value chain, reduced poverty, and ensured economic empowerment.

“This stakeholders’ meeting is very important because its presents an opportunity to practically explore opportunities for scaling-up business models in Nigeria.

“It is expected that this event will increase general awareness of inclusive business approaches and potentials to achieve Nigeria’s agenda 2050,” she said.

Rimi noted that scaling-up inclusive businesses could foster innovative commercial solutions and broader economic growth.

This, she said, was a concept endorsed by the World Business Council for Sustainable Development and was globally adopted and practiced.

Mr Markus Wauschkuhn, GIZ Coordinator of the Sustainable Economic Development Cluster in Nigeria (SEDEC), lauded the scale-up initiative, stating that it was timely for the enhancement of economic businesses in Nigeria.

He said that both public and private corporations should take into consideration the recommendations from the meeting.

Other stakeholders at the event lauded the organisers for the initiative to provide a forum for stakeholders to brainstorm on sustainable solutions to up-scaling businesses in the country.