Overview

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN) delivered an address at the 55th Annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) on November 27, 2020, in Lagos. He highlighted the impact of the COVID-19 pandemic on the global and Nigerian economies and outlined the CBN's policy measures to support economic recovery and financial stability. Prior to the pandemic, Nigeria's economy was on a positive trajectory with GDP growth of 2.55% in Q4 2019, stable exchange rates, strong external reserves, a robust banking system with capital adequacy above 15%, and declining non-performing loans from 11% to 6.1% by January 2020. The pandemic caused a severe downturn, with lockdowns disrupting economic activities globally. Emefiele discussed the CBN's interventions to mitigate the crisis, including support for the healthcare sector, agriculture, and manufacturing to boost local production. He emphasized the importance of collaboration between monetary and fiscal authorities and expressed optimism about vaccine developments. The speech also touched on the need for building a resilient and inclusive economy post-COVID.

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