The CBN's Monetary Policy Committee (MPC) finally set to meet in April after missing its January date. This which resulted from delay in the Senate screening of new MPC appointees by the Presidency for confirmation. The delay highlights the effect on regulatory operations the political standoff between the presidency and legislature can creates. However CBN governor Godwin Emefiele dismissed any major negative consequence from MPC not meeting this year yet and points out the macroeconomic indices in the country are stable. The good news is inflation is at 22 month record low at 14%. Still the CBN wants to bring down inflation to a single digit 6 - 8% which means doing more to reduce the amount of excess money banks put into circulation. Nigerians had to deal with a higher rate of prices increase for a while now. The primary tool for fighting inflation is increasing the lending rate at which businesses can borrow money from the bank. The MPC's current prime lending rate (a very high 14%) suggest that is CBN's primary goal is curbing inflation and sparking economic growth is secondary. But is having an averse effect for businesses that want to borrow. Reducing the lending rate would make more borrowing accessible businesses and help Nigerian's recovery from the 2016 recession. The CBN governor hints at such a move in July and business owners may need to wait for cheaper credit. The MPC's job involves making the trade-off between whether to fight inflation or economic stagnation. It often can pick only one and it appears its inflation. The IMF has already set 2.1% growth forecast for the country. So business owners have reason to be optimistic about growth this year. Follow #entreprz #bus#business for analysis and insights from #kadinvest2018 #kaduna #business #analysis #insights #breakingnews #startupbusiness #entrepreneurs #startups #nigerianbusiness #smallbusiness #smallbiz #inspiration
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