By Nafisat Makinde
Hon. Adegboyega Isiaka, Chairman of the House Committee on National Planning and Economic Development, urged the Central Bank of Nigeria (CBN) to consider a more accommodative monetary policy stance to promote growth and employment generation.
Speaking at a committee meeting with the National Bureau of Statistics (NBS) on Wednesday, May 14, 2025, Isiaka noted that high interest rates aimed at curbing inflation have had significant unintended consequences on growth, particularly in the manufacturing, agriculture, and SME sectors.
The committee’s work plan has been categorized into:
- National Planning and Budget
- Oversight over Listed Ministries and Agencies
- Action on Referrals from the House
- Matters Related to Economic Development
Adegboyega assured that the committee will “do everything within our power to build upon past achievements and take this committee to even greater heights.”
He highlighted the government’s bold steps and market-driven reforms, which are beginning to yield positive results.
“The nation’s capital market has surged significantly by about 100% increase in the last two years, while the Central Bank has recorded the highest level of external reserves in over three years and also reported to have recorded a profit of ₦38.8 billion, a remarkable turnaround from the ₦1.15 trillion loss recorded in 2023.”
He added that “the economy is getting stabilized and confidence is being restored.”
Adegboyega expressed concerns about the impact of high interest rates on growth, particularly in the manufacturing, agriculture, and SME sectors.
The Monetary Policy Rate (MPR) has been raised 10 times since January 2023, currently standing at 27.5%. Adegboyega urged the CBN to consider a more accommodative stance, stating that “it will appear that the effectiveness of this policy has been undermined by structural bottleneck, supply chain inefficiencies etc.”
He emphasized that “considering the current economic landscape, the Monetary Policy Committee (MPC) set to meet for its 300th meeting next week should consider a more accommodative stance that also promotes growth and employment generation”.
