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The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has taken his message of economic patriotism to the University of Benin, where he urged actors in the public and private sectors to look inwards in developing the Nigerian economy.
Emefiele gave the charge while delivering the third in the university’s series of Eminent Persons’ Lecture, charging all Nigerians to think of what they could do to improve the fortunes of the Nigerian economy, rather than what they could benefit from the economy.
In his lecture titled: “Beyond the Global Financial Crisis: Monetary Policy under Global Uncertainty”, Emefiele noted that there was much potential within the Nigerian economy to make it as developed as other countries, which were its peers at independence but had gone ahead to become more developed.
The CBN Governor, who noted that the lecture was part of the Bank’s efforts at promoting research and collaboration with Universities, towards developing policies and programmes that will enhance the economic well-being of all Nigerians, highlighted how the crisis had helped to reshape monetary policy tools used by Central Banks to address dips in their economies.
Giving an overview of how central banks across different economic blocs responded to the global financial crisis, he noted that while the impact of the global financial crisis had little effect on the Nigerian economy, the drop-in commodity prices between 2014 – 2016, brought to the fore the limitation of conventional monetary policy tools.
According to him, “the 60 percent drop in crude oil prices between 2014 – 2016 along with normalization of Monetary Policy by the United States Federal Reserve Bank in 2014, imposed severe constraints on the Nigerian economy, given our reliance on crude oil for over 90 percent of our export earnings and 60 percent of government … Read More...