Nigerians across the country would be stunned by what the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele said about the recession.
During a chat with media executives during the weekend, Emefiele said that the worst of the recession is over. According to him, Nigeria has turned the bend on the situation can only get better. His reasons for saying this are listed below
- $1 billion injected into the economy by foreign investors
- The Emergency Spending Bill that will allow government to speedily spend money
- N374 billion to be injected into the economy this week
- 1 million subsidized loans for traders
- N420 billion already spent on capital projects
Expanding on the role of the CBN in these achievements, Emefiele said that the $1 billion foreign investment was as a result of the flexible exchange rate introduced which opened he market and encouraged the return of foreign investments. He said the currency depreciation is a small price to pay for such investment.
“The Market that provides the opportunity to reduce the volatility in the foreign exchange market so that people do not bunch up their supply on the spot, so they can now go and do their business without disturbing themselves about the exchange rate. Those were the actions that we’ve taken and today I must say that it’s been successful.” The Nation quotes Emefiele as saying.
He also said that the CBN was in discussion with the Office of the Vice-President that handles social spending to finalize arrangements for MSME traders to enjoy subsidized loans.
The question we are probably asking is ‘Dare we believe the CBN Governor or is this just another attempt to sugarcoat the problem?’
Parts of this article originally appeared in The Nation Newspapers.
We should believe him
My fellow Nigerians,i cannot sincerely agree or disagree with the Gov. of the CBN,MY VIEW IS THEY CAN DO BETTER THIS.the gov. statement or vision is (1) control inflation,(2)buys Nigerian product or for Nigerians generates their forex demand.
My intention or my next comment was on management or the efficiency and effectiveness of Nigeria companies.i was aiming to dicuss the various strategic aim of many companies such as SWOT as a tool in business growth and expansion.what is swot ? (1) strength (2)weakness (3)opportunies (4)threat.
With qualitative easing in Nigeria,which I doubt it will happen in nigeriai.e.buying of companies debt temporary to stabilizes the economy.in Nigeria for so long we have been deceived by our rulers.with the exit of Britain in European union,the bank of England bought about 200 billion of pound of british companies ,they suspect the country will shrink maginally up tonext year
My view, is that the economy will come up stronger,i.e the elements that support,facilitate the economy will be be in place fully by 2018 if they move faster,the apc will prepare for their possibility of winning the next election.if they win they will or can make tough plan and longer term for the nation,the cbn is in difficult position,so is this present govt.
It is possible for the cbn pushes bank to generate their forex demand by 5 % to 10 % before the ending of this year,money supply says m1,m2 m3, m4,what is it ?is it money supply that is the banking system or not,we have a manufacturing sector almost destroyed or sapped.now forex demand or supply,is it to add value to the forex in Nigeria circulating idlely in Nigeria ?is it possible to make the process of circulation of forex in Nigeria,more efficient and effective or more useful for Nigerian economy? can the cbn create a process of using the greediness of black market trafficker into Nigerian banking system i.e. redemption.time,reward.i thought they have done or should have done before.
If I or any nigerian do criticize this present govt or previous govy.it’s not for ourselves.it is for my country,we felt they can do better,i think we can overtake japan in 10 yrs,ask and you should have.