According to Nigerian media reports, the Senate President, at a meeting with the Managing Director of the International Monetary Fund (IMF) Christine Lagarde, said small businesses especially were suffering unnecessarily.
He asked the central bank to introduce a more flexible foreign exchange regime and reduce the restrictions on the market, which does not allow businessmen to bring in foreign exchange or utilise what they have in their accounts.
The reports further state that the Senate President had equally canvassed a similar view at a private meeting with CBN Governor, Godwin Emefiele, during which Saraki implored the governor to consider the effects of the present forex regime on small businesses which are dying following evaporating crude oil revenue.
Saraki also told Lagarde that the IMF should support its CBN to bring in low interest loans to SMEs. “We need to encourage entrepreneurs and make most of our new graduates job creators rather than job seekers.
This is an area where we need the financial support and technical assistance of the IMF,” according to the Vanguard.
He explained that his office has received numerous complaints from small businesses complaining that they are being threatened by the huge bottlenecks involved in doing business.
By: Aviwe Mtila.
Review: Emerging Market Formulations & Research Unit, Flagship Records.
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