A professor of Monetary Economics and International Finance, Professor Sancho Chukwu of Rivers State University, has blamed politicians for the stagnation in Nigeria’s economic growth and development.
Speaking at the institution’s 119th inaugural lecture titled “Dynamics of Ehianomics: The Nigerian Experience,” Professor Chukwu said the country continues to hope for an economic turnaround even though no concrete measures have been put in place. He called for people-focused reforms and policies to drive meaningful change.
Meanwhile, on monetary policy, financial analyst Kenneth Okara has welcomed the Central Bank of Nigeria’s decision to cut interest rates by 50 basis points, from 27.5 percent to 27 percent. He said the move should make credit more affordable for businesses and increase lending by banks.
However, Okara expressed concern that banks may delay in implementing the new rate. He also cautioned that reducing interest rates alone is not enough to tackle inflation, stressing the need for policies that will boost disposable income for Nigerians.
