CBN policies ‘ll quicken exit from recession – Coalition

Ndubuisi Orji, Abuja

A coalition of youth groups has said that the economic policies of the Central Bank of Nigeria (CBN) will quicken the exit of the country from the current recession.

The coalition, which consists of Arewa Consultative Youth Movement, Ohaneze Ndigbo Youth, Oduduwa Youth Forum, South South Youth Council and the Middle Belt Youth Movement, stated this in a communique, after a summit in Abuja.

They listed measures by the CBN to boost the economy to include the Youth Entrepreneurship Development Programme (YEDP), Anchor Borrower’s Programme (ABP), Creative Industry Financing Initiative (CIFI), Maize Aggregation Scheme (MAS), Health Care Intervention Scheme among others.

The coalition, in the communique, which was read by Godwin Maliga of the Middle Belt Youth Movement, urged Nigerians not to despair in the face of the current economic realities as things will get better soon.

“The last time we exited in good time, we are again hopeful that Nigeria will exit this second wave of recess quickly.

“The For the past two days, we have bent our backs while brainstorming on the review of the CBN economic intervention and its impact on young people in Nigeria.

“Nigerians will recall the National Bureau of Statistics monthly releases figures and data which measure our economy. These figures have not been very favourable in recent times. Also the global poverty index figures have not been as beautiful as young people in Nigeria would have wanted it.

“These indices coupled with the combined negative impact of the COVID-19 lockdown and the #EndSARS protests, which threatened the very fabrics of our national security were the motivation for convening this two days roundtable to analyze the role, functions, activities and interventions of the Central Bank of Nigeria and juxtapose them with the impact on young people in Nigeria.

“From available facts, the Central Bank of Nigeria is currently involved in several economic and unity interventions worth several hundreds of billions of Naira all across the country,” the coalition stated.