The Central Bank of Nigeria (CBN), through its Director of Corporate Communications, Osita Nwasinobi, has said that it formulates policies that support a sound economic system, fostering economic development.
Nwasinobi made this remark on Wednesday while speaking at the 16th International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI), speaking on the theme, “Exploring the Opportunities of Africa Continental Free Trade Area (AfCFTA)’.
He said, “At the Central Bank, we continue to take active steps and make policies to encourage growth and sound financial system, which would foster economic development, restore confidence in the economy and effectually conserve the reserves.”
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On the AfCFTA, Nwasinobi characterised the agreement as an opportunity pool for African countries, stimulating trade within the region and setting off a cascading sheet of economic benefits for Africans.
He said, “AfCFTA also provides Nigeria and other member countries with access to a large market, as movement of capital, people, goods and services would become easier within the free trade area.
“Similarly, it will facilitate increase in trade volumes, competitive prices and technological transfers among member countries; and serve as potential to boost intra-African trade, lift over one hundred (100) million Africans out of poverty while increasing wages including those of women and the unskilled workers if implemented successfully.”
