In recognition of his contribution to stabilising the Nigerian economy amidst recession, CBN governor Godwin Emefiele has bagged “Guardian Economic Personality of the Year 2017’’ award.
Emefiele’s was also recognized for the CBN’s effort in development financing.
Emefiele was presented with honour at a ceremony held Eko Hotels and Suites, in Lagos on Saturday.
The President and Chairman of Council, Chartered Institute of bankers of Nigeria (CIBN), Prof. Segun Ajibola, commended Emefiele and his team at the CBN for their efforts at managing the Nigerian financial sector and intervening in critical sectors of the economy, particularly agriculture.
In his acceptance remarks, Emefiele expressed appreciation to The Guardian for selecting him for the award and commended the outfit for its foresight and thoughtfulness at publishing the report on “Financing the Economy”.
The CBN governor noted that the exposure of the Nigerian economy to global shocks was a reflection of the fact that Nigeria, as a country, was unable to sufficiently produce what its people consume; hence the huge dependence on foreign goods.
He attributed the inability of the country to sufficiently produce what it consumes to heavy dependence on oil sector to provide the foreign exchange needed to finance the country’s imports.
Emefiele also attributed it to the poor diversification of the economy and low factor productivity in key non-oil sector.
He also identified the ostentatious and elitist taste for imported goods in Nigeria and the inadequate finance to strategic high impact and high employment multiplier sectors as major challenges facing the economy.
He noted that the level of credit in the domestic economy channelled to productive private sector was critically below the levels required to place the Nigerian economy on the path of balanced, sustainable, and inclusive growths.
Emefiele gave the assurance that and the banks in Nigeria would continue to be catalysts to development in Nigeria, particularly as it concerned the vulnerable and needy in the society.
NAN