Breaking: Nigeria may slide to another recession - CBN

Posted by Rachel Madison on 2019-05-22 12:02:00 | Views: 6 |

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Breaking: Nigeria may slide to another recession - CBN

The governor of Central Bank of Nigeria (CBN) Godwin Emefiele, has shown fears that Nigeria may slide into another recession if measures are put in place to combat the high rate of unemployment and other economic crisis.

Emefiele said on Wednesday, May 22, at the University of Benin, while delivering a lecture titled: Beyond the Global Financial Crisis: Monetary Policy Under Global Uncertainty, Daily Trust reports.

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According to him, monetary and fiscal policy authority must be ready to challenge the situation and begin to think of what can be done to tackle the the situation.

The CBN governor said: “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 question could be, how are we, as Nigerians, particularly our leaders, I am talking of Monetary and Fiscal Policy Authority, how are we preparing our country for the next set of crisis?”

He said: “We have luckily exited recession. We have seen recession pending downward to about 18.72 percent in 2017 to about 11. 37% today.

"We see reserve moving up, exchange rate stabilizing but unfortunately, we still have issue and those issues bother on unemployment rate.”

He also assured that the apex bank will continue to take active approach to reduce the likely adverse effects that may emanate from external headwinds.

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Meanwhile, Legit.ng earlier reported that Emefiele identified poverty and unemployment as the country's major problem.

The CBN governor spoke in Lokoja, during a three day sensitisation seminar for bank customers tagged CBN Fair.

Represented by the assistant director, corporate communications department of the CBN, Emefiele said the CBN under his leadership has been re-positioned to be highly professional, people-focused, apolitical.

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