What Nigeria Must Do To Avoid Another Recession – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the  Monetary and Fiscal Policy Authority must rise up to tackle the high rate of unemployment  in the country or risk leading the economy back into recession.

The CBN boss said this while delivering a lecture titled “Beyond the Global Financial Crisis: Monetary Policy Under Global Uncertainty” today at the University of Benin.

Recall that the Nigerian economy exited recession in 2017 after suffering contraction for five consecutive quarters.

On what could be done to stimulate economic activities,  Emiefele said though the country had exited the recession, there is still a slowdown in economic growth due to the high  rate of unemployment in the country.

 “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 we, are 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?”

According to him,  “we have luckily exited recession. We have seen recession pending downward to about 18.72 percent in 2017 to about 11. 37 percent today. We see reserve moving up, exchange rate stabilizing but unfortunately, we still have issue and those issues bother on the unemployment rate.”