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Nigeria back on track economically – Tony Elumelu hails MPC decision
Chairman of the United Bank for Africa, UBA, Tony Elumelu, has said Nigeria is on the right track economically following the decisions of the Central Bank of Nigeria, CBN, at its last Monetary Policy Committee, MPC, meeting on February 27.
Recall that the CBN had during the meeting, raised the Monetary Policy Rate, MPR, by 400 basis points to 22.75 percent from 18.75 percent as part of its tightening policy of the monetary space
The business mogul in an interview on Thursday expressed cautious optimism that Nigeria is ‘getting there’, emphasising that ‘transformation’ takes time and it is the right time to keep going with the current reforms
However, he stated that authorities must be consistent and focused in their policies to ensure they yield the expected results in the medium to long term.