The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has praised the Central Bank of Nigeria’s (CBN) monetary policies aimed at combating inflation, describing them as commendable.
According to reports, the Yemi Cardoso-led CBN’s decision to raise interest rates faced criticism from the Manufacturers Association of Nigeria (MAN), which argued that the policy was detrimental to the manufacturing sector.
However, speaking at the CBN’s Monetary Policy Forum on Friday, Edun defended the apex bank’s approach, stating that it would help restore credibility to the nation’s monetary framework.
In a statement issued by the Ministry’s spokesperson, Mohammed Manga, Edun reaffirmed President Bola Tinubu’s commitment to aligning fiscal and monetary policies for economic stability. Addressing the forum’s theme, “Managing the Disinflation Process,” he highlighted the CBN’s efforts to tackle inflation and strengthen Nigeria’s monetary framework.
He further noted that the transformation of the foreign exchange system—from an opaque preferential allocation model to a more transparent and market-driven mechanism—had boosted investor confidence and provided rating agencies with a clearer economic outlook.
On inflation, Edun expressed strong support for the CBN’s commitment to stabilizing prices and ensuring economic resilience. He also emphasized the importance of consistency in data across key government institutions to enhance transparency and accuracy in economic indicators.
Additionally, he stressed the need for structural reforms, particularly in agriculture, to increase food supply and alleviate inflationary pressures. He warned that policy inconsistency could erode market confidence, underscoring the necessity of a stable and predictable economic environment.
Edun reaffirmed his backing for the CBN’s policies, emphasizing that a well-coordinated effort between fiscal and monetary authorities was crucial for Nigeria’s long-term economic growth and stability.
“With a coordinated approach between fiscal and monetary authorities, Nigeria is poised to overcome its economic challenges and emerge as a strong and competitive economy,” he said.
