Emefiele gives insight, on what to Expect during his second term

The newly re-appointed Governor of the Central Bank of Nigeria, Godwin Emefiele, over the weekend enumerated the things intends to accomplish during his second term in office.

Emefiele enumerated his plans while speaking to journalists at the University of Nigeria Nsukka (UNN), on the sidelines of the institution’s Special Convocation which took place on Friday. The CBN Governor gave delivered a lecture at the event.

Driving down inflation: According to Emefiele, he intends to focus on policies that would drive down the country’s inflation rate, improve price stability, and drive economic growth.

Emefiele’s Stern Warning: The CBN Governor further disclosed that he plans to work with his team to drive down imports and encourage exports. He also used the occasion to issue a stern warning to those who meddle with policies aimed at achieving economic stability, telling them that they will be caught and punished by law.

Mr Emefiele’s second term plans came just a few days after the Senate confirmed his re-appointment on Thursday to run for a second term.

Mr Emefiele’s Lecture: The CBN Governor, who was also conferred with an Honorary Doctorate Degree in Business Administration at the conversation, delivered a lecture titled” From recession to growth: the story of Nigeria’s recovery from 2016 economic recession.” He disclosed the following during the lecture;

“YES, WE AGREED THAT THE GROWTH NUMBERS ARE GOOD, WE HAVE CHECKED INFLATION AND BROUGHT INFLATION DOWN. I THINK IN THIS NEXT PHASE, WHAT CAN WE DO TO CONSOLIDATE OUR GROWTH? HOW CAN WE AS MONETARY AUTHORITY DO SOMETHING? YES, WE ARE TALKING ABOUT PRICE STABILITY, WE MUST DO SOMETHING TO IMPROVE GROWTH.

“WHAT DID WE DO TO BRING INFLATION DOWN? WE MUST CONTINUE TO DO THAT. WHAT DID WE DO TO REDUCE OUR IMPORTS? WE WILL CONTINUE TO DO IT.”

Nairametrics earlier reported on the functions of the CBN Governor, one of which include- advising the president on both fiscal and monetary policies from time to time.

Note that the CBN Act of 2007 stipulates that the Governor is expected to formulate, for the approval of the Board, general rules and any subsequent amendments.

Source: Nairametrics

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