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| Dr. Godwin Emefiele, CBN Governor |
The CBN boss spoke while delivering the
third in the University of Benin’s series of Eminent Persons’ Lecture, held in
Benin. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html He urged Nigerians to think of what
they could do to improve the fortunes of the Nigerian economy, rather than what
they could benefit from the economy.
In his lecture entitled: Beyond the Global Financial Crisis:
Monetary Policy under Global Uncertainty, the erstwhile Zenith Bank boss
noted that there was much potential within the Nigerian economy to make it as
developed as other countries, which were its peers at independence but had gone
ahead to become more developed.
Dr. Emefiele, who noted that the
lecture was part of the bank’s efforts at promoting research and collaboration
with Universities, towards developing policies and programmes that will enhance
the economic well-being of all Nigerians, highlighted how the crisis had helped
to reshape monetary policy tools used by Central Banks to address dips in their
economies. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Giving an overview of how central banks
across different economic blocs responded to the global financial crisis, he
noted that while the impact of the global financial crisis had little effect on
the Nigerian economy, the drop-in commodity prices between 2014 – 2016, brought
to the fore the limitation of conventional monetary policy tools.
He said, “The
60 per cent drop in crude oil prices between 2014 – 2016 along with
normalization of Monetary Policy by the United States Federal Reserve Bank in
2014, imposed severe constraints on the Nigerian economy, given our reliance on
crude oil for over 90 percent of our export earnings and 60 percent of
government revenue.”
He explained that the CBN and the fiscal
authorities, in an effort to contain the crisis, decided to deploy both
conventional and unconventional tools in a bid to support continued growth of
the economy. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html This is even as he noted that a simple
focus on the Monetary Policy Rate would not have been sufficient to get the
Nigerian economy out of the recession.
The CBN boss also assured entrepreneurs
set to commence operations at the Edo Production Centre, of the availability of
favourable financing options through the apex bank’s NIRSAL National Microfinance Bank, to complement other incentives
for industrial production at the facility.
He spoke during a visit to the Centre
along Sapele Road-axis of Benin City, Edo State, lauded Governor Godwin Obaseki for his vision in setting up the facility. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
The Hub is a cluster for Micro, Small
and Medium Scale Enterprises (MSMEs) in the state, where they will enjoy
24-hour electricity supply, share resources and other business support services
aimed at boosting productivity. The cluster is to be set up in the three
Senatorial Districts of the state. (Nation)
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