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Road to Nigeria’s economic recovery still rough – CBN Gov

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GOVERNOR of Central Bank of Nigeria (CBN), Godwin Emefiele, has said that the road to the country’s economic recovery is still rough and rough to ply while noting that the country operates multiple exchange rates.

Dr Emefiele, who said this before the Senate Committee on Banking, Insurance and other Financial Institutions when he appeared for screening for reappointment as CBN Governor for another five year term, yesterday, maintained that what is obtainable in the country is multiple windows designed to stabilise the exchange market, even as he decried the high level of disregard and disrespect of policies and laws of the country.

According to him, the federal government designs policies and puts laws in place, aimed at growing the economy, but implementation had always posed a challenge.

He noted that there was no doubt that observing policies and laws put in place by the government was a sure way of growing the country’s economy.

Emefiele, who took time to explain what the apex bank did to lift the country out of recession, vowed that those who work to circumvent and flout the laws of the country would no longer be spared.

He expressed worry over the country’s rapid population growth rate warning that steps must be taken to put in place policies that would take care of the projected 425 million people in 2015.

“We just came back from the IMF/World Bank programme in April. And in the World Bank’s/IMF’s World Economic Outlook, Nigeria is positioned as a country whose population will grow and rise to over 425 million people by the year 2050. That will present Nigeria as a country with the third largest population in the world after China and India and indeed surpassing the United States of America in population.

“I worry and I do think that we all should worry that a lot of work needs to be done to make sure that we are able to put in place policies that will make life good for this 425 million people when we are the third largest population in the world.

So, we from the Central Bank of Nigeria from the monetary policy side, have come to the realisation that using the instrumentality of the Anchor Borrowers Programme where access to credit is being provided to our masses all over the country, that it will be a way to generate employment and boost economic activity amongst our rural population…”

“Aside from the Anchor Borrowers programme, we are also looking at special programmes targeted at wholesale growth of agricultural sector in Nigeria. Aside from rice and other small good crop markets, we have started looking at palm oil.

“Because we believe that this country has a lot of potentials in palm oil. If you think about what this country was in the 50’s and 60’s, Nigeria being a country at that time that controlled 40 per cent market share in palm oil industry, exporting its palm oil to different parts of the world. But because we found crude oil, we receded and abandoned it.

Emefiele, who thanked the lawmakers for praying for the CBN to succeed told all Nigerians that a time comes in the history of a country where you have to learn to respect the policies and laws of a country.

“Part of the problem that we have seen in Nigeria is lack of respect for the policies of this country. Nigeria is very good at putting in place policies that are sound and workable. But implementation has always been almost zero.

 

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