The Governor of the Central Bank of Nigeria,CBN, Godwin Emefiele has disclosed that part of the banks 5-year Policy Thrust was making sure that the nation achieves double digit economic growth as well as a single digit inflation rate on or before 2024. The Governor said the Apex bank of the Nation was targeting a double digit economic growth as well as a single digit inflation rate before or by the year 2024. Emefiele made this known in Calabar at the weekend during a one-day interactive and enlightenment session with the Organised Labour and Civil Society in the South-south zone of Nigeria. The Governor represented by Ag. Director, Corporate Communications Department, CBN, Mr. Osita Nwanisobi, told labour leaders that various interventions programmes of the Bank are well thought out to help grow the Nation’s economy and stabilise financial system.
He said the projections of a double-digit economic growth before or by 2024 looks a tall dream with the realities on ground but they are determined and demand support and participation of Nigerians. While explaining sighting some economic data on ground, he said “as at last year; in the 2nd quarter the growth was -6.10%, 3rd quarter it was -3.4% but by the 4th quarter we returned to a positive territory, having a 0.1% growth that was fragile still. By the first quarter of 2021 we maintained a 0.5% growth which was still very fragile. But the vision is still evergreen. The vision is a People centered CBN that will grow the economy through the people and with the people.” Explained further ,he said that as the CBN targets the double digits economy growth, they are also aiming to achieve a single digit inflation rate which was made worse by the outbreak of COVID-19 adding that it was achievable of the right policies were implemented as well as supported by the generality of Nigerians .
“This is another tall dream because since the advent of the COVID-19 pandemic, inflation has not stopped. In February this year, inflation rate was about 17.8%, in March it was moved to 18.2% and in April, it started to decelerate. By May it was 17.9% and in June, it was further reduced to 17.7%.” He urged Nigerians to participate in economic development by investing in agriculture which is one of the ways of breaking the mono-economic indices of the nation based on Oil proceeds. According to him:” Part of the 5 y ear thrust of the CBN is Financial system stability and building a resilient financial system that will speak to the development need of the Nigerian public.what this boils down to is about the improvement of lives, bring down inflation to a single digits which is at 17 percent. Over three million hectares of land was cultivated under the anchor borrowers and that has in no small way boosted our economic development and growth.So the way forward is to make a way for diversification , add value to our industry then we would be making significant impact.
“Africa as a whole exported coffee worth 4 billion to Europe .But in 2014 germany alone exported back to Africa processed coffee worth 3.8 billion US dollars ,so when you hear the governor talk about backward integration it is part of what the governor wants to stop. This is exactly what he is doing with dairy , tomatoes and virtually all the other commodities that you are seeing,” he said. Other issues bothering on the development robust payment infrastructure , payment system that Nigerians are involved in, growing our external reserve amongst others were part of the policy thrust he elaborated on. On his part Dr. Zef Chinedu, one of the resource persons, spoke to the Labour leaders and regretted that most Nigerians from the southern part of the country, particularly the South-east and the South-south often have apathy on Federal Government Intervention programmes encouraged them to support various CBN intervention initiatives and not doubt the process. He said even though not all who apply would get but he advised that one must first apply and trust the process. “There is no favouritism in any of the federal Government intervention programmes through the CBN. Don’t think that you need to know anybody. Many households and Small and Medium Enterprises in Nigeria have gotten the COVID-19 Pandemic intervention funds, either the Grants or the Loans which is at interest rate that is as low as 5%.”
“Over 6000 members of the NLC (Nigeria Labour Congress) and the TUC (Trade Union Congress) across the country have so far benefited from some of the CBN targeted intervention programmes.” He explained that the Agri-Business/Small and Medium Enterprises Investment Scheme AGSMEIS stressing that it was a sustainable intervention initiative which the CBN will continually fund because the concept is that the Commercial Banks will yearly contribute 5% of the profit after tax to fund the AGSMEIS. He also hinted that applications would be taken yearly and low interest loan with be granted for Agri-business Small and Medium Enterprises Investments.
