CBN Focused on Double-digit Economic Growth, Single-digit Inflation before 2024 – Emefiele

The CBN governor appealed to Nigerians to participate in developing the nation’s economy by investing in agriculture, which he noted, as one of the means through which the nation’s mono-economic indices which is dependent on crude oil will be broken.

24
Mr. Godwin Emefiele, Central Bank of Nigeria (CBN)

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has stated that the nation’s apex bank has set a target of achieving a double digit economic growth and a single digit inflation rate on or before 2024.

Emefiele, who stated this in Calabar at the weekend, said the double digit growth and single digit inflation rate are part of target of the five-year policy thrust of the CBN, and its projections for Nigeria’s economy by the end of 2024.

Speaking at a one-day interactive and enlightenment session with organized labour and representatives of the civil society organisations in the South-south zone of Nigeria, the CBN governor, who was represented by the Acting Director, Corporate Communications Department, CBN, Mr. Osita Nwanisobi, stated that intervention programmes of the bank were well conceived to help the growth of the nation’s economy and stabilise its financial system.

The CBN governor said though the projection of a double-digit economic growth and single digit inflation for the nation by 2024 appears to be a tall dream, considering the current economic realities, however the apex back remains determined to work assiduously in meeting the set target.

He therefore demanded support and participation of Nigerians so the targets can be met.

Quoting from verifiable economic data, the CBN boss said: “As at last year; in the second quarter, the growth was -6.10 per cent, third quarter, it was -3.4 per cent but by the fourth quarter, we returned to a positive territory, having a 0.1 per cent growth that was fragile still.

“By the first quarter of 2021, we maintained a 0.5 per cent growth which was still very fragile. But the vision is still evergreen. The vision is a people-centred CBN that will grow the economy through the people and with the people.”

He stated that as the CBN targets the double digits economic growth, they were also aiming at attaining a single digit inflation rate.

“This is another tall dream because since the advent of the COVID-19 pandemic, inflation has not stopped. In February this year, inflation rate was about 17.8 per cent, in March it was moved to 18.2 per cent and in April, it started to decelerate. By May it was 17.9 per cent and in June, it was further reduced to 17.7 per cent,” he said.
The CBN governor appealed to Nigerians to participate in developing the nation’s economy by investing in agriculture, which he noted, as one of the means through which the nation’s mono-economic indices which is dependent on crude oil will be broken.

Also speaking at the event, Dr. Zef Chinedu, one of the resource persons at the event, disclosed that over 6,000 members of the nation’s organised labour have benefited from the CBN intervention programmes.

“Over 6,000 members of the NLC (Nigeria Labour Congress) and the TUC (Trade Union Congress) across the country have so far benefited from some of the CBN targeted intervention programmes,” Chinedu said.

He said it was unfortunate that some Nigerians, especially from the South-east and the South-south geo-political regions, often have apathy towards the federal government intervention programmes, stressing that such attitude was counter productive to the imports of the intervention programmes.

“There is no favouritism in any of the federal government’s intervention programmes through the CBN.

“Don’t think that you need to know anybody. Many households and Small and Medium Enterprises in Nigeria have got the COVID-19 pandemic intervention funds, either the grants or the loans which is at interest rate that is as low as 5%,” he said.

Chinedu said though not all who applied for economic interventions will get, it was better to apply than not to apply at all because it is only through applications that such intervention programmes can be accessed.

Speaking on the Agri-Business/Small and Medium Enterprises Investment Scheme AGSMEIS, he said the AGSMEIS is a sustainable intervention initiative which the CBN will continue to fund.

Chinedu said the concept provides that the commercial banks will contribute 5 per cent of their profit after tax yearly, to AGSMEIS.

 

Thisday

You might also like

Leave A Reply

Your email address will not be published.

24 Comments
  1. Kelvin says

    If you desire to grow your knowledge just keep visiting this site and be updated with the hottest information posted here.

    Also visit my web site: best cbd gummies for pain

  2. Charis says

    I really like it when individuals get together and share thoughts.
    Great site, stick with it!

    Here is my webpage ασφαλεια αυτοκινητου γλυφαδα

  3. cbd for pain and inflammation says

    Among the most effective blog sites with a subject I have a good deal of interest in.

    https://www.sfgate.com/market/article/best-cbd-oil-for-pain-15847757.php

  4. zortilonrel says

    Hello there, You’ve done an incredible job. I’ll certainly digg it and personally suggest to my friends. I’m confident they will be benefited from this web site.

    http://www.zortilonrel.com/

  5. Jacquetta says

    What’s up, constantly i used to check website posts here in the early hours in the morning, because i
    enjoy to find out more and more.

    Check out my web site; 365 recreational cannabis (pentagonthink.com)

  6. Debora says

    Hello to every one, the contents existing at this site are
    actually awesome for people experience, well, keep up the nice work fellows.

    Here is my website – massage accessories [csgrid.org]

  7. Ariel says

    Nice post. I used to be checking continuously this blog and I’m impressed!
    Extremely useful info specially the remaining phase 🙂 I handle such information much.
    I was looking for this certain info for a long time. Thanks and good luck.

    Here is my web site: quaker steak and lube

  8. Wilfred says

    of course like your website but you have to check the
    spelling on several of your posts. A number
    of them are rife with spelling problems and
    I to find it very troublesome to inform the reality on the
    other hand I will surely come again again.

    Review my web-site cbd in british columbia (Hector)

  9. Erik says

    Your method of telling everything in this paragraph is truly
    fastidious, all can simply understand it, Thanks a lot.

    Also visit my page … cbd gummies near me – mspdeutsch.com

  10. Shella says

    Right here is the right site for anybody who wishes to understand this
    topic. You understand a whole lot its almost hard to argue with you
    (not that I personally will need to…HaHa). You certainly put a fresh spin on a subject
    that has been written about for many years. Excellent stuff, just wonderful!

    my web-site; cbd gummies near me (upcomics.org)

  11. Blythe says

    Hi there, just wanted to tell you, I enjoyed this
    blog post. It was practical. Keep on posting!

    Also visit my web-site :: cbd pure (https://www.gaady.com/members/sharonbill2/activity/14155)

  12. Tobias says

    I’m extremely pleased to discover this site. I need to to thank you for your time just
    for this wonderful read!! I definitely enjoyed every little bit of
    it and I have you saved to fav to see new information in your web site.

    Have a look at my web blog; side effects of cbd
    gummy bears (https://www.daoduytu.edu.vn/forum/links.php?url=https://www.sfgate.com/market/article/best-cbd-gummies-15755017.php)

  13. Ramon says

    Does your blog have a contact page? I’m having a tough time locating it but, I’d like to shoot you an email.
    I’ve got some creative ideas for your blog you might be interested in hearing.
    Either way, great site and I look forward to seeing it develop over
    time.

    My web-site – hemp oil for pain relief

  14. Consuelo says

    That is a really good tip particularly to those new to the blogosphere.
    Simple but very precise info… Many thanks for sharing this one.

    A must read article!

    My web page :: cbd gummy worms (bladedirt17.doodlekit.com)

  15. Larry says

    Hi Dear, are you truly visiting this website
    daily, if so afterward you will without doubt get nice experience.

    Also visit my site X2emails (http://www.blackhatworld.com)

  16. Elden says

    Hey great blog! Does running a blog such as this require a large amount of work?

    I have absolutely no expertise in programming however
    I had been hoping to start my own blog soon. Anyways,
    should you have any recommendations or tips for new blog owners
    please share. I understand this is off subject however I simply
    needed to ask. Cheers!

    Also visit my web page marijuanas legalized virginia 2021 (https://www.inventables.com/users/hintonsingleton0308)

  17. Joyce says

    Nice post. I learn something totally new and challenging on blogs I stumbleupon on a daily basis.
    It’s always useful to read through content from other
    authors and practice a little something from their web sites.

    Feel free to visit my blog: kosher vitamins in canada; Pete,

  18. Samual says

    Hey there! Do you use Twitter? I’d like to follow you if that would be okay.
    I’m undoubtedly enjoying your blog and look forward to new posts.

    Feel free to surf to my web page :: men’s sexual
    health supplements (Ardis)

  19. Ellis says

    I was wondering if you ever considered changing the layout of your blog?

    Its very well written; I love what youve got
    to say. But maybe you could a little more in the way of content so people
    could connect with it better. Youve got an awful lot of text for only having
    one or 2 pictures. Maybe you could space it out
    better?

    My page :: sports (Tiffani)

  20. Leanne says

    Write more, thats all I have to say. Literally, it seems as
    though you relied on the video to make your point. You clearly know what
    youre talking about, why throw away your intelligence on just posting videos to your site when you
    could be giving us something informative to read?

    Visit my website cannabis (Diana)

  21. Vaughn says

    I was suggested this blog by my cousin. I am not sure whether this post is written by him as no one else know
    such detailed about my trouble. You are incredible!
    Thanks!

    Also visit my blog; shop for fashion clothing (imoodle.win)

  22. April says

    Hello my friend! I want to say that this article is amazing,
    great written and include almost all vital infos.
    I would like to see extra posts like this .

    my webpage … buy clothes (Janice)

  23. Grace says

    When someone writes an piece of writing he/she maintains the idea of
    a user in his/her mind that how a user can know it. So that’s
    why this paragraph is great. Thanks!

    Feel free to surf to my web-site: cbd lubricant (https://worldunity.tk)

  24. Marie says

    I used to be suggested this web site by means of my cousin. I am now not positive whether or not this publish is written through
    him as nobody else recognise such targeted about my trouble.
    You are amazing! Thanks!

    My web site: fashion shopping – archives.bia.or.th

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More