Emefiele Explains How Nigeria Will Exit Recession By First Quarter Of 2021

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Godwin Emefiele CBN Governor

As the country graples with its newest recession, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has assured the citizenry that the sustained implementation of fiscal and monetary interventions would pull the nation out of the doldrums next quarter.

According to him, Nigerian economy could emerge from the recession by the first quarter of 2021, adding “with the sustained implementation of our intervention measures, we also expect that growth in 2021 would attain 2 per cent due to high frequency data that indicates continued improvements in the non-oil sector of our economy.”

Emefiele, who expressed his optimmism at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos at the weekend, solicited the cooperation of stakeholders in the banking and finance sector to achieve this. He fashioned out the routes expected to be taken by the stakeholders in his address at the event. He stated:

“The banking sector has a significant role to play as a facilitator of growth in the agriculture sector, through its intermediation function. Some of the opportunities in the agriculture sector that banks should explore include ways to address some of the existing gaps in the agriculture value chains, such as storage centers, transport logistics, and technology platforms that can enable rural farmers sell their produce directly to the markets.

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