Hope from Central Bank of Nigeria (CBN Governor) – We will be out of Recession before the end of 2017.
Coming from the Central Bank of Nigeria (CBN Governor) are these solemn words of hope to Nigerians “we would be free from recession before the year ends” with the alarming blame to the country’s over dependence on importation of goods without grounding our own economy.
On these very note, Mr. Godwin Emefiele the current CBN Governor on his speech has assured Nigerians that the recession the country is facing will come to an end by the end of these year. At the weekend, the Governor would be taking us on a lecture at the University of Nigeria, Nsukka (UNN) with the theme “The Dilemma of Monetary Policy and Exchange Rate Management in a Recession: Potential Options for Nigeria”. He further detailed on the optimism of the Federal Government towards implementing the viable strategies behind the halt on the country’s recession before the end of these year.
He cried out on the economy status we found ourselves because of the country’s massive dependency on imported goods. Nigeria is a very strong country to have survived these hard times and noted that no country in the world could have survived by the massive importation Nigerians experienced. He clearly stated that the more reason why the masses started feeling the negative impact of the importation of foreign goods was when we were in lack of the resources to maintain or sustain the season of importation. It really rendered Nigerians frustrated but widened up our reasoning capacity on how to deal without foreign goods.
Mr. Emefiele the CBN Governor stated on the day of the event that “In January 2017, inflation was 18.8 %, then slowed down to 16.24% in the last quarter being the 4th quarter of 2016, till it got to -1.72%. Then when it is now down 1stquarter of 2017, it now elevated to -1.52%. Lots of awards were given to honored guests in the event, dignitaries like the President Southeast, South-South Professionals by name Mr. Emeka Ugwuoju. According to the CBN Governor, we have immensely improved in growth rate by about 1.2%, and economically said that if we eventually have an additional stipe rise to another 1.2% growth, we are sure far away from recession if statistics will be maintained.
The CBN Governor bitterly said in regrets that the country as abandoned the only source of boosting the country’s economy years back which is Agriculture. He laid emphasis on the type of products we import to our country such as apple, cucumber and raw eggs. The people of South East were known to be chiefs in palm oil production, the South West were crowned to be Cocoa producing region in the country as of those days. The masses is the main reason behind the country’s recession. Our dependency on other African countries like South Africa for cucumber and eggs, Zambia for beefs, then China for toothpick, this is so alarming he said.
The increased rise in the price of goods in the market would make the masses turn back to the old ways such as Agriculture for survival he said. Lastly, the Apex Bank is so much aware of the recession state of the country and encouraged everyone to venture into Agriculture in order to sustain the little we are left with.
The Vice-Chancellor, Prof. Benjamin Ozumba in appreciation, acknowledged the CBN Governor for haven’t come these far with the Federal government to handle the country’s current economic recession.