Post-Recession: Emefiele Makes Surprising Statement On Nigeria’s Economy

By Ikenga Chronicles September 14, 2017

Post-Recession: Emefiele Makes Surprising Statement On Nigeria’s Economy

The Governor of the Central Bank of Nigeria(CBN) Godwin Emefiele has spoken on the economy of the country following its exit from recession.

According to the CBN boss, the economy will get better in the coming days and years despite the fact that the exit from recession has not been felt by Nigerians.

Emefiele who spoke at the CBN’s 24th seminar for finance correspondents and editors in Awka, Anambra State yesterday, said he is “hugely optimistic that improved outcomes will be recorded in our work towards taming inflation, bringing down interest rates and guaranteeing exchange rate stability.”

To achieve this, the CBN, he said is “consistently devising ingenious approaches to solve our peculiar challenges and will continue to learn from the experiences of other countries, particularly developing nations.”

Emefiele, however, lamented that “the major challenge has been structurally-induced inflation, which has presented a dilemma to policy makers on whether to align the rates with socially desired or policy consistent outcomes.”

To address these challenges, the CBN he said: “has embarked on massive monetary stimulus through direct interventions in sectors that hold immense benefits for the broader economy.”

Such interventions have been in agriculture, micro, Medium and Small Scale Enterprises (MSMEs), power sector, aviation and youth entrepreneurship, among others.

These measures he said were necessitated by the liquidity (and credit) crunch that followed the global financial crises.