ECCIMA urges CBN to save indigenous businesses from total collapse
By Seun Ibiyemi
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has called on the Central Bank of Nigeria (CBN) to step up its commitment to shielding indigenous enterprises and the wider industrial sector from looming collapse.
This appeal was made by the ECCIMA President, Chief Odeiga Jideonwo, during the CBN Special Day at the ongoing 36th Enugu International Trade Fair on Saturday.
According to Jideonwo, while the Chamber acknowledges the various interventions the CBN has rolled out to nurture growth across different sectors of the economy, more enduring and adaptable strategies are urgently needed.
“We are aware of the CBN’s past efforts to stimulate business activity,” he said, “but we advise the adoption of more sustainable policies and support schemes moving forward.”
Jideonwo expressed concern over the CBN’s repeated hikes in interest rates, noting that such measures—though aimed at tackling inflation and controlling liquidity—could end up stifling access to credit, particularly for smaller businesses.
“A prolonged period of high interest rates could negatively affect the ability of businesses to obtain financing from banks,” he warned. “There’s a direct connection between the cost and availability of funds and key economic indicators like productivity, GDP growth, and overall economic stability.
“That said, we trust that these monetary policies align with the Federal Government’s renewed hope agenda,” he added.
The ECCIMA president also praised the apex bank’s recent decision to return to participating in trade fairs—after withdrawing from such events in 2023. He remarked that reinstating trade fair engagement as a public outreach tool is a commendable move that would allow Nigerians to interact more closely with the CBN and gain a better understanding of its operations.
Speaking at the event, the Acting Director of Corporate Communications at the CBN, Mrs Hakama Ali, reaffirmed the bank’s resolve to tackle ongoing macroeconomic challenges facing Nigeria’s economy.
Ali noted that the CBN has ensured the resilience and soundness of the country’s banking sector and continues to monitor the ongoing recapitalisation of banks to ensure the quality and strength of capital being introduced.
“Our payments system has gained global recognition,” she said. “The CBN remains committed to ensuring an effective and efficient payments infrastructure. These systems have played a key role in deepening financial inclusion and expanding payment options for Nigerians—making transactions easier, more affordable, and more accessible to people from all walks of life.”
Ali went on to explain that the CBN’s broader goal of fostering impactful industrial growth with international credibility hinges on three main pillars: a strong and reliable financial system, stability in the foreign exchange market, and cohesive collaboration between monetary and fiscal policymakers.
“Progress is already being made in these areas,” she said, “as shown by the recent surge in foreign direct and portfolio investments, as well as a positive shift in the country’s trade balance.”
