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NIGERIA: Central Bank Policy to Grow Economy Pays off

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NIGERIA: Central Bank Policy to Grow Economy Pays off

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele says ensuring price stability and growing the nation’s economy through unconventional policy is paying off. The governor stated this at the first Convocation Lecture of Edo University.

According to Mr Emefiele, the monetary policy which was being condemned by the opposition has yielded positive results.
He affirmed that despite criticism from certain quarters the bank would not be deterred by the activities of critics.

Mr Emefiele said that regardless of the views of critics, the unconventional measures were well thought through and had been yielding significant gains for the nation’s economy, one of which is the growth in the country’s Gross Domestic Products (GDP).

He said after the five consecutive quarters of negative growth, beginning in the first quarter of 2016, there was a coordinated approach by the fiscal and monetary authorities to support a rebound in the nation’s economy during the second quarter of 2017.

Mr Emefiele further explained that recovery has been driven largely by improved non-oil activities especially the agricultural sector. He stated that agriculture was nonetheless reinforced by the pickup in the oil sector as oil prices rallied in 2017.

He added that the recovery had been sustained for nine consecutive quarters and it is expected that it would get stronger in the short-to-medium-term.

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