No Quick Fix For Nigeria’s Economic Challenges-CBN

There are no quick fixes for the Covid-19 induced economic challenges faced by Nigeria, Adamu Lametek, member of the Monetary Policy Committee of the Central Bank of Nigeria has said.

Lametek said this in a personal statement during the last MPC Meeting held in September.

He urged the Federal Government to speed-up implementation of the Economic Sustainability Plan and the CBN to sustain its intervention actions in support of economic activity.

“I should emphasize that there are no quick fixes for the economic challenge Nigeria and most countries currently face,” he said.

The MPC member expressed optimistim of an improved Gross Domestic Product in the third and fourth.

Nigeria’s economy fell 6.1 per cent in the second quarter after being impacted by the shut-down of most sectors of the economy.

The International Monetary Fund expects Nigeria’s economy to fall by only 4.3 per cent in 2020, a reversal from the  5.4 per cent contraction predicted in June.

Also the apex bank MPC member believes “real output growth in Q3 and Q4 2020 would be better than recorded
in Q2 2020.”

The MPC member advocated for the Bank’s development finance intervention to boost Nigeria’s real economy.

Lametek said farm insecurity and food distribution bottlenecks needed to be addressed holistically.

This, he stated would  ease food prices across the country on a sustainable basis.