Agric sector remains livewire of Nigeria’s economy – Emefiele

Mr. Godwin Emefiele

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has reiterated that the agricultural sector remains the critical factor behind the continuing resilience of Nigeria’s domestic economy despite the many downturns recorded in the last three years.

The Apex Bank Governor, said though the Nigerian economy was not insulated from the spillover effects of the many shocks recorded following the devastating effects of the pandemic, some of the actions taken by the monetary and fiscal authorities helped to cushion its effects on the country’s economy.

Mr. Emefiele dispelled worries about the persistence increase in the country’s inflation from 15.60 per cent in January to 20.77 per cent in September 2022 affirming that it is in consonant with global realities.

The CBN Governor, who was the special guest of honour at the 57th Annual Bankers Dinner put together by the Chartered institute of Bankers Nigeria (CIBN), on Friday in Lagos described the theme of the event: “Radical Responses to Abnormal Episodes: Time for Innovative Decision-making” as both timely and appropriate.

Speaking on the recent currency redesign, Emefiele explained that “Analysis of the key challenges primarily indicated a significant hoarding of banknotes, as over 85 per cent of currency in circulation were held outside the banking system.

In his address, President of CIBN, Dr Ken Opara, commended Emefiele for his visionary leadership during the turbulent years affirming that his policies remain critical in curtaining the economic shocks of the aftermath of the fourth wave of the COVID-19 pandemic.

He said the CBN policies has continued to keep inflation and other related economy indices, especially the naira, from distortions following the country’s declining production levels fueled by high cost of production, insecurity, dwindling government revenues, foreign exchange volatility and uncertainty in the global oil market.

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