The Capital Market Academics of Nigeria (CMAN) has called on the Central Bank of Nigeria (CBN) to gradually moderate interest rates and expand development finance interventions to support businesses and stimulate economic growth.
Speaking during a News Conference in Abuja on Monday, CMAN President, Prof. Uche Uwaleke, said while the CBN’s disciplined monetary policies have helped restore macroeconomic stability, excessively high lending rates continue to limit private sector investment and job creation.
He said inflation has become increasingly driven by structural factors such as insecurity, poor infrastructure, high transportation costs and global energy price volatility, making monetary tightening alone insufficient to address rising prices.
“We encourage a gradual moderation of the interest rate environment as inflation expectations continue to improve. This should be supported by complementary fiscal measures aimed at addressing supply-side bottlenecks,” he said.
Uwaleke also urged the apex bank not to abandon development finance entirely despite its renewed focus on price stability.
According to him, carefully designed intervention programmes implemented through specialised development finance institutions can support agriculture, manufacturing, housing, exports and small businesses without compromising the CBN’s core mandate.
Persecondnews correspondent at the event reports that the CMAN president further expressed concern over the composition of Nigeria’s capital inflows, noting that more than 95 per cent of the over $10 billion imported into the country in the first quarter of 2026 consisted of short-term foreign portfolio investments rather than long-term foreign direct investment.
He advised the Federal Government to improve policy consistency, strengthen contract enforcement and enhance the ease of doing business to attract productive investments capable of creating jobs and expanding Nigeria’s productive capacity.
Uwaleke said while recent economic reforms have strengthened investor confidence and improved financial market performance, deliberate efforts are needed to ensure the gains translate into improved living standards for Nigerians.
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