The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that the challenges facing Nigeria’s economy are of a global dimension and not peculiar to Nigeria.
Emefiele said this while given his speech at the 55th Annual Bankers Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) 0n Friday, November 27, 2020.
In his opening address, Mr. Emefiele congratulated the CIBN for the annual event, which he was attending for the sixth time since assuming the role of CBN Governor in June 2014.
According to him, each of the dinners provided him ample opportunity to discuss with the key stakeholders in the banking and finance community on critical issues and events shaping the economy, as well as policy measures put in place by the CBN towards revamping and growing the economy.
He enumerated several issues and challenges facing the economy, which were not peculiar to Nigeria but global. Hence, nothing for the country to panic about.
Mr. Emefiele said, “Like other economies, the Nigerian economy was not immune from the COVID-19 shock in 2020. Nigeria’s gross domestic product (GDP) contracted by -3.4 percent in the third quarter, a welcome improvement from the – 6.1 percent recorded in the second quarter. The negative rate of growth was due to a series of external factors in addition to the lockdown measures, imposed in order to curtail the spread of the virus.”
Emefiele challenged the banks to optimally harness the huge value-chain opportunities in several sectors of the economy through their intermediation functions, saying:
“Let me also add that while COVID-19 has brought on several challenges to our economy and indeed the banking sector, it offers a unique opportunity for us to build a more resilient economy that is better able to contain external shocks, whilst supporting growth and wealth creation in key sectors of our economy.
“Proactive steps on the part of stakeholders in the banking and financial system in supporting the growth of sectors such as agriculture, ICT and infrastructure, will strengthen our ability to deal with the challenges that have been brought on by COVID-19, while enabling the growth of our economy in general.”

They are of a Space Dimension yen yen

A Government of excuses.