Friday, 17 September 2010

Formed Central Bank chief held responsible for Nigeria's economic crisis

Nigerian government has said it holds former Central Bank Nigeria (CBN) governor Charles Soludo responsible for the present problems facing the nation's banking and finance sectors. Nigeria's Minister of State for Information and Communications Labaran Maku said Soludo cause a number of problems within the sector before his departure two years ago.

"We hold Soludo, who was CBN governor until about two years ago, accountable for all that is happening in the banking and financial sectors," said Maku, adding that in the last year, Nigeria has been contending with issues in the financial sector resulting from Soludo's misdirection and sometimes misapplication of the banking reforms.

Maku said that the Assets Management Company of Nigeria (AMCON) is to address some of the issues troubling the financial industry, and added that the report which the government got from the present CBN governor, Sanusi Lamido Sanusi, on the state of the economy showed that the economy is due to grow by 7 per cent and that this projected growth will increase from year to year as the nation proceeded with the implementation of the programme.

Soludo had warned that if pre-emptive measures are not taken now, Nigeria's economy is "doomed" to a worse form of structural adjustment programme. In an essay published in a national daily, Soludo, who ran for governorship election in Anambra State in March, expressed concern that the government had been piling up domestic and foreign debts with no improvement in the economy.

Source: AllAfrica

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