A development economist, Basil Odilim, has called for a redesigning of the Central Bank of Nigeria to give room for a low-interest rate.
At the conference, he stressed the need for the CBN to be pro-people and pro-economy, especially in supporting small businesses.
He said, “The issue now is that we have to redesign the Central Bank of Nigeria. We have to make the Central Bank of Nigeria pro-people and pro-economy, a system that is expansionary, meaning that we make interest rate very low and flood the economy with naira so that small businesses can borrow naira at a very very affordable rate. That way, they can go into their businesses and create jobs, grow the economy and pay taxes.
He also advised that the CBN should make interest rates very low and flood the economy with naira for smooth economic activities. “Any economy that is migrating from agricultural activity to industrial must flood the system with cheap money without minding the inflationary rate implications. Because it is when you make money available to those who need the money, invest the money, that the money becomes an investment.
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