The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has urged the Central Bank of Nigeria (CBN) to intensify efforts to save indigenous businesses and the industrial sector from total collapse.

The ECCIMA president, Odeiga Jideonwo, made the call on Saturday at the CBN Special Day at the ongoing 36th Enugu International Trade Fair.

“We are not unmindful of the various interventions of the CBN to support and encourage the growth of businesses in various sectors of the economy.

“However, we counsel that more sustainable strategies and intervention schemes should be adopted,” Mr Jideonwo said.

The president expressed concern over the apex bank’s consistent and recent increase in interest rates in an aggressive push to manage the nation’s inflationary pressure and liquidity.

“The high interest rate regime will likely have adverse effects on the accessibility of bank credit by businesses.

“There is no doubt that access to credit and cost of funds have relationships with increasing or decreasing levels of productivity, GDP and stabilising our economy.

“Be that as it may, we hope that these policies of the bank are in tandem with the renewed hope mantra of the federal government,” he said.

Mr Jideonwo commended the bank’s management for reconsidering its decision to suspend attending trade fairs enforced in 2023.

The president said the current decision to reactivate and sustain the use of trade fair platforms in disseminating information and creating a wider awareness of its operations would help the public directly interface with the bank.

In an address, the acting director of the corporate communications department at CBN, Hakama Ali, said the CBN had continued to address pockets of macroeconomic challenges confronting the Nigerian economy.

Ms Ali said the apex bank had ensured the banking system remained robust and resilient.

According to her, in the same vein, the bank is also closely monitoring the ongoing recapitalisation of the banking sector to ensure the injection of quality capital as envisaged in the framework.

She said, “The Nigerian payments system has continued to be reckoned with globally. CBN has remained resolute in ensuring effective and efficient payment system infrastructure.

“This has accelerated the financial inclusion drive and broadened payment possibilities for Nigerians. These payment platforms have made financial transactions more seamless, cost-effective and accessible to a wide range of users.”

The director said the apex bank achieving an impactful industrial development for global recognition was premised on a tripod.

“This includes robust financial system fundamentals, foreign exchange market stability, and strong collaboration between the monetary and fiscal authorities.

“The bank’s efforts in these directions are already yielding the desired results. This has resulted in a significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times,” Ms Ali said.

(NAN)