The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the unconventional monetary policies adopted by the apex bank in steering the country’s economy are yielding good results. He stated this on Friday during the 1st Convocation Lecture of the Edo University, Iyamho, entitled ‘Role of Monetary Policy:
Towards Economic Growth in Nigeria, delivered at the institution’s premises in Iyamho, Etsako West Local Government Area of Edo State.
According to Emefiele, “the favourable outcomes and strengthening outlook of the Nigerian economy is traceable to the timeous adoption of unconventional monetary policy tools. The CBN has been able to reduce inflation, build our forex reserves and maintain forex market stability and foster real growth.
“Nonetheless, challenges still remain. The pace of population growth at about 2.6 per cent still outstrips real growth rate while inflation is outside our tolerance band. Unemployment rate and incidence of poverty remain at unacceptable levels. Our economy still faces headwinds from expected declines in global growth and its resulting impact on oil prices and capital flows to emerging market countries.
“These challenges require that we strengthen our efforts at enhancing growth in productive sectors of the economy, which will help in insulating our economy from external shocks. Emefiele noted that he was delighted that much of the success recorded in the economy is due to the adoption of unconventional microeconomic policies, adding
“Within the CBN, our unconventional methods (especially in the management of the forex market and our development financing supported by the orthodox approaches of monetary rate) have been able to optimally balance the delicate objectives of price stability and real output growth.”
Governor Obaseki said the CBN has been instrumental to the economic growth being recorded in the state, especially in the areas of the industrialisation and agriculture. The governor said a $200 million deal has been struck with a reputable, world renowned textile company to establish a cotton-weaving and spinning industry at the Benin Enterprise and Industrial Park, next year.
