Buhari’s 2019 Declaration: CBN Governor, Godwin Emefiele, Cries Out!!! Calls For Immediate Policy… To Avoid Another Recession

By Joshua Amaugo April 10, 2018 09:42

Buhari’s 2019 Declaration: CBN Governor, Godwin Emefiele, Cries Out!!! Calls For Immediate Policy… To Avoid Another Recession

Reports reaching Post-Nigeria, disclosed that the Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, on Monday, April 9, advocated for a stronger policy coordination between the fiscal and monetary authorities in Nigeria, in order to sustain the growth momentum, following the country’s exit from recession.

According to Emefiele who made this known at the opening session of a workshop titled: ‘Sustaining Economic Growth Beyond Recession Exit’, he said, there was a need for policy makers to be vigilant, so that the economy would not slide into recession again.

“The first thing we need to do is to remain vigilant. Those of us who have been entrusted with leadership and policy-making responsibilities, must neither become complacent nor over-confident.

“We must strive to improve and sustain the same policies that have got us this far. Our import bills may have fallen, but our manufacturing and agriculture sectors still have a long way to go, if we may attain self-sufficiency in those sectors.

“We must not be quick to discard the restrictive measures, which aided our recovery, simply because the metrics have improved.”

Post-Nigeria further gathered that the apex Bank’s statement is unwittingly coming at a time when President Muhammadu Buhari has indicated interest to run for a second term, come 2019, as there are fears that his economic policies might plunge Nigeria into another cycle of recession.

Recall, that Nigeria went into full recession between 2016 and 2017, due to poor economic policies and programs championed by the present administration.

Emefiele represented at the event by the Deputy Governor of the CBN, Corporate Services, Mr. Edward Adu, noted that to sustain the recovery from recession, there was a need for robust policy coordination between key aspects of economic policy making.

These, according to him, include fiscal, monetary, exchange, and trade policies, which must be targeted at protecting Farmers, to boost agricultural outputs, support local companies, and enhance manufacturing and industrial capacities.

The apex Bank said the effective coordination of these policies would assist in diversifying the economy away from oil.

He said the CBN would continue to fine-tune its policies and strategies, based on the evolving developments in the economy.

“We will remain proactive in ensuring that the welfare of Nigerians is optimized at any point in time. The Bank will continue to provide access to much-needed credit to sectors with the potential to create jobs on a mass scale”, Mr. Adu added.

On the Anchor Borrowers’ Programme, the Governor said the CBN would expand it to other crops other than rice, adding that, the CBN was currently finalizing the creation of a N500 billion fund to assist manufacturers interested in non-oil exports.

Meanwhile, the equities market of the Nigerian Stock Exchange, on Monday, experienced a huge decline, dropping to a three-month low, as 30 firms recorded price depreciation.

Investors lost N149 billion at the close of trading, as the NSE market capitalization fell to N14.607 trillion from N14.753 trillion on Friday, and N14.99 trillion on March 29.

The NSE All-Share Index dropped by 1.01 percent, to close at 40,429.18 basis points from 40,841.14 bps on Friday, and 41,504.51 bps on March 29.

The stock market finished lower last week, as all market indices closed in the negative territory.

C&I Leasing Plc led the losers’ table, on Monday, as its share price dropped by 9.30 percent to close at N1.56. It was followed by Skye Bank Plc and Unilever Nigeria Plc, which shed 8.45 percent and 8.03 percent to close at N0.65 and N55 per share, respectively.

Lafarge Africa Plc eased by 7.24 percent to close at N41 per share; May & Baker Nigeria Plc dropped by 5 percent to N3.04 per share, and Unity Bank Plc lost 4.95 percent to close at N0.96 per share.

Other losers were: Wema Bank Plc, Dangote Flour Mills Plc, Transnational Corporation of Nigeria Plc, Jaiz Bank Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, FBN Holdings Plc, Fidelity Bank Plc, United Bank for Africa Plc, Zenith Bank Plc, and Julius Berger Nigeria Plc.

Seventeen stocks recorded price appreciation on Monday, with Learn Africa Plc, Japaul Oil & Maritime Service Plc, Champion Breweries Plc, AXA Mansard Insurance Plc, and Caverton Offshore Support Group Plc, leading the pack.

Learn Africa appreciated by 9.28 percent to close at N1.06 per share, while Japaul rose by 8.89 percent to N0.49 per share.

The share price of Champion Breweries was up by 8.77 percent to N2.48; AXA Mansard gained five percent to close at N2.52 per share, while Caverton appreciated by 3.94 percent to N2.90 per share.

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