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Emefiele Focuses on Stimulating Growth and Job Creation as he Begins Second Term

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has set his agenda for the next five years. Top of his to-do list is stimulating economic growth across board and supporting job creation.

Emefiele said he will intensify effort on economic growth and job creation in critical sectors of the economy. He also commented on a new roadmap for the apex bank and the economy, which he said will be unfolded in the days ahead.

Recall that Emefiele was re-appointed by President Muhammadu Buhari last month, thereby dousing all speculations about a possible replacement by one of his deputies; specifically Aishah Ahmad.

His new tenure started in June and is expected to last for four years.

The former GMD of Zenith Bank Plc also spoke on the need to build a healthy and stable financial system, as well as ensuring price stability.

“We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global economy.

“We must also work to build a healthy and stable financial system that will contribute to the growth of our economy while preserving price stability,” he said.

Emefiele made History: His reappointment by the President and confirmation by the Senate made him the first CBN Governor to get a second term since 1999.

Emefiele’s Scorecard on the economy: Emefiele was in charge of oversaw the economic and recovery growth process of the economy following the devastating 2016 recession. As at the last quarter 2018, the Nigerian economy grew at 2.38%, with inflation dropping for the third consecutive month to 11.25%.

So far, one of the major achievements credited to Emefiele as CBN Governor is the opening of the I&E window and the stabilizing Naira. The stability of exchange rate in recent months appear to have improved foreign reserves despite slow inflow foreign capital flows into the Nigerian economy.

Also, the Monetary Policy Committee (MPC) under Emefiele, recently reduced Monetary Policy Rate (MPR) by 50 points. Although analysts have wondered if the reduction in MPR is enough to accelerate growth, the reduction suggests that the MPC is beginning to move towards a loose monetary stance and is considering growth as a priority.

READ MORE:  ‘Homeowners’ Charter has raised value of properties in Ogun’

Note: Emefiele was sworn in by the Bank’s Secretary and Director of Corporate Secretariat Department, Mrs. Alice Karau. This was revealed in a statement by CBN‘s Director Corporate Communications, Mr. Isaac Okoroafor.

Source: nairametrics

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