In a significant move to address the challenges facing Nigeria’s economy, the Nigerian Senate confirmed 12 members for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria. The confirmed members, led by CBN Governor Olayemi Cardoso as Chairman, are expected to swiftly devise policies aimed at revitalizing the nation’s ailing economy.
The confirmation process, which took place on Thursday, followed the presentation of the Senate Committee on Banking, Insurance, and other Financial Institutions’ report, chaired by Senator Adetokuunbo Abiru. Senator Abiru highlighted the nominees’ wealth of experience and qualifications, assuring his colleagues of their competence to excel in their roles within the MPC.
The MPC consists of CBN Governor Olayemi Cardoso as Chairman and four Deputy Governors: Muhammad Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor. Additionally, seven other members complete the committee, collectively tasked with formulating monetary policies that will positively impact the nation’s economy.
Expressing his satisfaction with the nominees, President of the Senate, Godswill Akpabio, commended President Bola Tinubu for selecting individuals with extensive expertise. He expressed optimism that the newly appointed MPC members would contribute to steering the CBN in the right direction and formulating policies for the overall well-being of Nigerians.
The confirmation of the MPC members holds particular significance as it precedes the upcoming policy meeting of the Central Bank, scheduled for February 26 and 27, 2024, under the leadership of the new CBN governor, Olayemi Cardoso. The expectation is that the committee will play a pivotal role in addressing economic challenges and implementing strategies to foster growth and stability.