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Recession: worst is over, says CBN boss Emefiele

CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has come a piece of good news on the recession-hit economy.

“We have turned the bend,” he said at the weekend in Lagos.

Nigerians have been grumbling over the tough economic climate – high food prices, poor infrastructure, job cuts and low productivity, among others.

To Emefiele, who spoke with media executives, the worst is over. His optimism is hinged on the following facts:

Foreign portfolio investors have injected $1 billion into the economy in the last two and half months;

An Emergency Spending Bill, which will enable the government shorten the process of spending money (through award of contracts) is ready for the National Assembly;

Close to N374 billion will be injected into the economy this week to stimulate it. So far, N420 billion has been spent;

Social spending will soon begin and there will be capital expenditure payments;

And one million traders will get subsidised loans.

“Those are the things that government is doing and I must confess to you that I’m optimistic that we have turned the bend and going forward we will still spend more that will stimulate the economy,” the CBN chief said.

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He said the $1 billion inflow came in response to the flexible foreign exchange regime introduced within the period.

The Nation

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