Emefiele seeks stronger efforts to create jobs, stimulate growth – The Punch

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CBN Governor, Mr. Godwin Emefiele ADE ADESOMOJU Governor of the Central Bank of Nigeria, Mr Godwin Emefiele,  on Saturday emphasised the need to strengthen efforts over the coming years to stimulate growth and create jobs in critical sectors to insulate the economy from global shocks, the News Agency of Nigeria reports. Emefiele said this while giving a welcome address at a consultative roundtable conference titled, ‘Going for Growth’ with some economic stakeholders in Lagos. The CBN boss said leaders and policymakers needed to strengthen their resolve in achieving the goal. He also said that would assist in putting in place unconventional policies that would help insulate the economy from shocks in the global economy. Emefiele said, “Typically, for a nation to be seen to be prosperous, any citizen of that country will expect macro-economic indices such as low interest rate regime, stable exchange rate regime and robust reserve position, low inflationary environment, as well as an environment of full employment.” He said the apex bank had taken a number of actions in the last five years to support the growth of the economy which had helped in achieving the macro-economic stability. This, he said, had led to inflation trending down to 11.37 per cent from 18.72 per cent in January 2017; exchange rate stability at current levels with considerable convergence and reserves build up to current level of over $45bn compared to $23bn in October 2016. Emefiele said, “Although we had hoped to achieve a lower level of interest rate, this became impossible given the normalisation of monetary policy in the United States and the over 60 per cent drop in crude oil prices between 2014 and 2016.” He added, “We also deployed measures aimed at supporting improved productivity of the Nigerian economy by restricting access to foreign exchange on 43 items that could be produced in the country. “We have also strengthened our intervention programmes which helped in restarting the flow of credit to critical sectors of the economy.” Copyright PUNCH. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: [email protected] DOWNLOAD THE PUNCH NEWS APP NOW ON