As Nigerians grapple with the worst economic crisis to befall the country in more than two decades, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has assured the public that the economic recession will soon be over, given the strategic measures being put in place by the monetary and fiscal authorities to turn the economy around.
Speaking in Lagos during an interactive session with journalists at the weekend, Emefiele emphatically stated that the “worst is over”, adding that the Nigerian economy was already on the path of recovery.
Thisday reports that the governor equally reiterated his call for the federal government to partially sell some of its oil joint venture assets, saying that the proceeds raised from the sale would go a long way in boosting Nigeria’s foreign reserves and reflating the economy through infrastructure projects.
Emefiele also expressed optimism that the liberalisation of the foreign exchange (FX) market was starting to pay off, revealing that the country had recorded $1 billion capital inflows from foreign investors since the market took off almost three months ago.
He blamed the country’s economic crisis on the global crisis, “which has seen commodity prices dropping in recent times as well as the geopolitical tensions all around the world”.
This notwithstanding, the CBN governor was optimistic that the Nigerian economy would rebound by the fourth quarter of this year, as the monetary and fiscal authorities had put adequate measures in place to stimulate and reflate the economy.
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