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Home Business News

Emefiele Has Declared Himself Messiah Of Nigeria’s Economy

Chacha Wabara by Chacha Wabara
November 18, 2016
in Business News
CBN Gov Godiwn Emefiele

Dr. Godwin Emefiele

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In many people’s eyes, Mr. Godwin Emefiele is a villain. A villain who should not still be occupying his post as the Governor of the Central Bank of Nigeria, if these people have their way. Evidently, President Muhammadu Buhari thinks otherwise, so does Mr. Emefiele himself. In fact, he has indirectly declared himself as the Messiah of Nigeria’s economy.

According to Emefiele, there would have been a total collapse of the nation’s economy or a more critical situation had it not been for his policies as borne by the Central Bank of Nigeria (CBN). He said this while speaking yesterday at the All Civil Society National Economic Summit, held in Abujain a message conveyed by his Special Assistant, Mr Emmanuel Ukeje.

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In justifying this claim, Emefiele pointed at two decisions of the CBN that from his own perspective has helped the state of Nigeria’s economy. The first is the decision to ensure bank recapitalization. “For instance, prior to recapaitalition, the total number of commercial banks could not match asset base of a single South African bank. But this is not the case anymore as our banks are now robust.” he said.

Secondly, the adoption of the Treasury Single Account (TSA) was touted as blocking loop holes to ensure a far more sanitised environment provided for in the banking industry. “The same goes for TSA which removed sharp practices in some banks as instances arose where you had banks using government money lodged with them to buy government bonds. In other words, government was buying bonds back with their own cash through these banks which basically reaped the system”, Emefiele stated.

With the nation’s economy in recession, the first in many decades, the forex scarcity still remaining an issue and the value of the Naira against the dollar burgeoning, critics of Mr. Emefiele and his policies will continue to have a field day slating him, which will continue to divide Nigerians as to his role- Hero or Villain?

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Tags: CBN NigeriaNigerian recession

Comments 4

  1. micheal says:
    November 18, 2016 at 1:51 pm

    nice blog post

    Reply
  2. micheal says:
    November 18, 2016 at 1:57 pm

    nice post

    Reply
  3. micheal says:
    November 18, 2016 at 2:24 pm

    nice website

    Reply
  4. Anodebenze says:
    November 19, 2016 at 2:46 pm

    Good luck to our Governor,i was not much impressed with the governor the way he is handling the economy.,i also think the governor should tell us how and why the Nigeria banks are matching south African bank in capitalization and in ownership of asset with stats.my view you cannot lead a horse to a stream and force it to drink,as if you continue to force the horse,it will kick you with one of it’s hind leg,a powerful kick by a horse. can causes a fatal injurye.g a zebra in youtube kick a lioness and dislocate this lioness jaw and the lioness almost died without the help of the gamekeepers in east Africa.
    You cannot always uses forces to achieve your aim,especially when you are dealing with people.that is why I was critical of the governor.if you dealing with people,you must have an air-tight strategy for it to work,even you will have to uses 3 separate strategic aim for your plan to work (1)you soften the substance,you sensitive or shock the element or a suprises attack or not (2) then you squeezes blood.i.e when there is no alternative (3)you mop this blood or clean the mess.
    He should pull the rug from those banks,and they will be forced to lower bank interest,nigerian bank are having it so easy and making profit, with stats you find Nigerian banks if they do their job properly.nigerians banks could contribute at least 4 % in Nigerian gross production,if we have an effective local govt area infulences,they could contributes 2% into Nigerian gnp.
    But now I felt the governor is doing his best,as he had started to think holistcally

    Reply

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