• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
Nairametrics
No Result
View All Result
Home Business News
CBN commences Forex ban on food importation, CBN’s Emefiele congratulates Dr Kingsley Obiora as he assumes office, indigenous oil firms

CBN Governor, Godwin Emefiele

CBN’s Emefiele charges private sector operators to improve economy

Damilare Famuyiwa by Damilare Famuyiwa
5 years ago
in Business News, Politics
Share on FacebookShare on TwitterShare on Linkedin

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), has charged private sector operators to look inwards and figure out how best to develop the country’s economy.

The newly re-appointed CBN Governor made the call while delivering the third in the University of Benin’s series of Eminent Persons’ Lectures. According to him, private sector operators should think of what they can do to improve the fortunes of the Nigerian economy, instead of merely thinking of how they can benefit from it.

Emefiele further noted that there is enough potential within the Nigerian economy to make it as developed as other countries.

Why this is important: Nigeria’s public sector is among the smallest around the world. It and is marred by inefficiencies and coordination problems. Therefore, any medium-term growth trajectory will depend largely on private sector development. 

The way forward: Emefiele is definitely right; private sector operators have a huge role to play towards the development of the Nigerian economy. However, the Government must help the private sectors.

Note that even though Nigeria improved 23 positions on the World Bank Ease of Doing Business (DB) index between 2016-2018, it still ranks 146th in DB 2019. This presents a lot of room for improvement, particularly in the areas of registering property (184th), trading across borders (182nd), and getting electricity (171st).

A hampered private sector: According to the World Bank’s biannual report, the Nigeria private sector has been hampered by inadequate monetary and fiscal policies. Also, low growth potential has also been attributed to structural constraints. Inadequate monetary and fiscal policies severely limit the medium-term growth outlook.

The World Bank equally noted that the delayed approval of the Medium Term Expenditure Framework 2019-2021 (MTEF/FSP) and 2019 budget, contribute to policy uncertainty, thereby postponing investment decisions across the sectors of the economy and foregoing potential growth-spurting injections.

Therefore, to increase investors’ confidence, the World Bank recommended that the Government should improve the business environment. This should be done alongside a stable macroeconomic environment and the strategic use of public capital investments that could further crowd-in private sector investment.

Note that Nigeria’s economic growth in 2019 is expected to hover around 2 percent in the medium term; below its potential and population growth rate.


Download Nairametrics App for breaking news and market intelligence.
   
Tags: CBNGodwin Emefieleprivate sector
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
HFM
Glo
Kwakol
Abbey
Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • FG to open passport front offices across UK cities by February 2024 – Minister
  • Diesel prices crash to N978 per liter in Nigeria weeks before Christmas 
  • Cross River Govt. to add three new aeroplanes to Cally Air fleet  

Follow us on social media:

Recent News

Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests

FG to open passport front offices across UK cities by February 2024 – Minister

November 29, 2023
Why energy prices will be Nigeria’s next big economic crisis

Diesel prices crash to N978 per liter in Nigeria weeks before Christmas 

November 29, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In