LAGOS MARCH 9TH (URHOBOTODAY)-On Monday, March 7, 2022, Daily Trust newspaper jumped on the bandwagon of media outlets who are asking the same question they already have an answer to. In an editorial titled ‘Emefiele must choose between politics and central banking’, the newspaper traced a familiar yet pedestrian path already travelled by many before it to box in its subject into making an ‘either’ ‘or’ kind of choice.

Of course, the subject in mention is the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, who has been in the news of late in connection with the 2023 presidential election. Where Daily Trust’s editorial stood out, however, is in its own admission that a response had already been provided for its agitation.

“So far, Mr Emefiele has not declared his intention one way or another. But in one of these adverts published in several newspaper including the Daily Trust on 15th February, the sponsor, under the name ‘Friends of Godwin Emefiele’ claimed to have met with Mr Emefiele and he told them that he remains focused on supporting President Muhammadu Buhari’s economic recovery programme, that he does not lobby for high office…”

The newspaper went on to remind its readers how the scope of central banking has expanded considerably in the modern economy. How nice, because under the Emefiele, the CBN has been able to leverage on the developmental component of its mandate as the proactive tool to support the real economy and other employment, which are the elastic sectors of the economy for enhanced economic growth and development. Emefiele chose that pathway because, as a developing economy, the existence of certain macroeconomic fundamentals and conditions for the CBN to be strictly orthodox are inexistent or limited.

As CBN governor, Emefiele has been spearheading the diversification of Nigeria’s economy through long- and medium-term strategies. Under him, the CBN has established initiatives to genuinely tackle challenges to job creation, economic productivity, poverty eradication and food security. For instance, intervention schemes for four commodities – rice, fish, sugar and wheat – which consume about N1.3 trillion annually in import have been embarked upon to improve domestic supply and eventually moderate pressure on foreign reserves.

Daily Trust went on to suggest, quoting a speech by former Vice Chairman of the US Federal Reserve, Stanley Fischer, that the independence of the CBN was at stake if Emefiele did not “put a stop to the speculations by saying clearly and unambiguously that he would not run”. On the other hand, the paper admitted that it was not against an Emefiele presidency in principle, and could not deny his constitutional right to seek higher office.

Since the newspaper referenced international best practices, I ask: When Christine Lagarde, current president of the European Central Bank, was rumoured to be interested in becoming the French president at a time when she was Managing Director of the IMF, was there a call for her to declare her intention or for her to resign her position?

Of course, Emefiele does not only have the undeniable right to seek the highest office in the land, he is also very qualified to do so. In fact, he is much more qualified than many other public office holders rumoured to be interested in 2023, but who, somehow, Daily Trust and co have failed to beam their mischievous searchlights on.

Arilesere wrote in from Ibadan.

Leadership