The Central Bank of Nigeria has reaffirmed its commitment to sustaining initiatives that boost economic growth and safeguard consumers in the financial sector.

Acting Director of the CBN’s Corporate Communications Department, Mrs. Harkama Sidi Ali, gave the assurance on Thursday during the CBN Fair held in Abeokuta, Ogun State.

The event, themed “Driving Alternative Payment Channels as Tools for Economic Development,” brought together stakeholders from microfinance institutions, fintech companies, MSMEs, regulatory agencies, and academia.

She noted that the Fair serves as a platform for engaging the public and key stakeholders on the CBN’s policies, with the goal of promoting sustainable economic growth and national development.

She said, “Tools for Financial Inclusion, Growth and Accelerated Economic Development” were carefully chosen to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.

“The management of the bank, under the leadership of Mr. Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability.

“This has resulted in significant increase of inflow in foreign investments, positive trade balances and quantum leap in financial inclusion rate in recent times.”

Speaking earlier, the Abeokuta Branch Controller, Mr. Malik Ademola, described the fair as an important platform for public enlightenment, aimed at bridging the gap between the bank and grassroots communities.

He also praised the collaborative efforts of stakeholders, highlighting their crucial role in helping the CBN achieve its mandate.

He said “Over the years, the fair has evolved into a veritable channel for fostering two-way communication between the Central Bank and the grassroots. It enables us not only to explain our policies but also to listen to your concerns, feedback, and expectations.

“As we navigate the evolving economic landscape, both globally and locally, the need for increased public awareness of monetary policy, financial inclusion, consumer protection, digital payments, and intervention programmes cannot be over emphasised.”

In their remarks, stakeholders called on the federal government to implement targeted policies to revive struggling MSMEs, emphasizing their importance for a sustainable national economy.

They expressed concern that the fortunes of MSMEs have declined significantly since the introduction of the naira redesign policy by the previous administration.

They emphasized that the policy has stalled SMEs, causing the nation’s economy to struggle ever since.

Highlighting the importance of MSMEs, Mr. Bunmi Ogunrinde, founder of Landgold Microfinance Bank, noted that Nigeria’s economic survival largely depends on them.

He argued that the economy can only prosper when SMEs are thriving.