Emefiele Reveals What Nigeria Must Tackle Before Global Economic Crisis

Emefiele Reveals What Nigeria Must Tackle Ahead Global Economic Crisis

President Buhari discusses with Central Bank of Nigeria Governor Godwin Emefiele during the 4th Presidential Task Force meeting of ECOWAS on common currency for member states (photo: State House)

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says Nigeria must prepare for the next global economic crisis by tackling unemployment.

Concise News learned that the apex bank governor said this while delivering a lecture titled: ‘Beyond the Global Financial Crisis: Monetary Policy under Global Uncertainty,’ at the University of Benin, Benin, Edo state.

According to Emefiele, although the President Muhammadu Buhari administration had made progress in 2018, more efforts must be made to reduce the unemployment rate in Africa’s most populous nation.

“From some of my concluding remarks, you may have observed, whether you like it or not, there is global uncertainty that will, unfortunately, most certainly lead to another crisis,” the CBN chief said.

“The question could be, how are we as Nigerians, particularly our leaders, I am talking of monetary and fiscal policy authorities, how are we preparing our country for the next crisis?

“We have luckily exited recession; we have seen recession pending downward to about 18.72 per cent in 2017 to about 11. 37 per cent today.

“We have seen the reserve moving up but unfortunately we still have issues and those issues border on the unemployment rate and those issues border on how we prepare our country.”

Emefiele, explaining what the CBN is doing to stabilise Nigeria’s economy, said the introduction of the investors and exporters’ window had helped in shoring up the country’s external reserves.

He also talked about the country’s agriculture sector.

“The recovery has been driven largely by improved non-oil activities especially the agriculture sector which expanded consistently by about 3.5 per cent to 4.3 per cent reflecting government’s efforts at diversifying the economy,” he said.

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John Andah is a fine-grained journalist. He has been a member of the fourth estate for a decade. He loves the smell of a good lead, and has a penchant for finding out something nobody else knows. John is Senior Assistant Editor at Concise News.

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