CBN Says Support For Creative Industry Not A Diversion From Core Mandate

The Central Bank Of Nigeria(CBN) has reacted to a claim that it was losing focus on its core mandate due to its recent involvement in the creative industry sector.

CBN’s reaction followed a tweet by Dayo Akinola, a Financial & Risk Management Consultant, which claimed the apex bank appeared to be acting above legal authority in some of its actions and thus drifting from its core mandate.

This regime of @cenbank even though has called out the fiscal arm to do the needful, the @cenbank appears to be acting ultravires in some of its actions such as establishment of poultry, taking over National Art Theatre, etc which make it look as losing focus of its core mandate.

— DAYO AKINOLA, FRM, PRM (@akinolaij) January 16, 2020

But in a quick response the CBN denies the allegation saying  the national theatre project is a joint effort with bankers to promote creative industry and IT software development in the country.

This claim is totally false. CBN has not established any poultry. The national theatre project is a joint effort with bankers to promote creative industry and IT software development in the country. Is there any wrong in financing the resuscitation of that place to create jobs?

— Central Bank of Nigeria (@cenbank) January 16, 2020

Recall that the CBN in fulfilling its quest to diversify the economy, create jobs and engender inclusive economic growth in the country launched an intervention programme aimed at reviving the poultry sub-sector in 2019.

The bank management further released the sum of N36bn into the sector  in order to reduce importation and close the existing demand and supply gap.

Also in the same period under review the federal government gave approval to the CBN and the Bankers Committee to reconstruct the National Theatre, Iganmu, Lagos, into a world-class convention centre.

 After the Presidency’s approval, the Governor of CBN, Godwin Emefiele, said the theatre would be 10 times the size of the Convention Center in Peru when fully developed.

Meanwhile, the statement of CBN core mandate as provided on its website is to ensure monetary and price stability, issue legal tender currency in Nigeria and maintain external reserves to safeguard the international value of the legal tender currency.

Others include promoting a sound financial system in Nigeria, and providing economic and financial advice to the federal government.