Nigeria’s economic outlook positive, says Emefiele

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, on Monday said despite the current global uncertainties that made the International Monetary Fund to review the global economic growth from 3.3 per cent to three per cent, Nigeria’s economic outlook remained positive.

He said this while delivering the keynote address at the African Economic Congress held in Abuja.

The CBN governor, who was represented at the event by the Deputy Governor, Financial Systems Stability, Aisha Ahmad, described Nigeria’s economy as resilient.

Emefiele said the apex bank was implementing various initiatives that had put the economy on the path of sustainable development, adding that “there is no cause for panic.”

He said, “Because  of  our  unconventional  tools,  we  have recorded  spectacular  improvements  in  domestic production  of  most  of  the  targeted  items. Local manufacturers are consequently reporting major boosts to their revenue and profit.

“The  banking  sector  also  continues  to  be  resilient,  with positive  indications  for  financial  stability, given progressive  improvement  in  key  financial  soundness indicators as well as significant credit expansion to critical sectors of the economy recorded over the last few months.

“On the whole, Nigeria remains resilient with a positive outlook despite  rising global uncertainties.”

On how Africa could realise the potential of the African Continental Free Trade Agreement, he called for massive investments in human capital development to be globally competitive.
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