Overview

The document is the Keynote Address delivered by Governor Godwin Emefiele of the Central Bank of Nigeria (CBN) at the 56th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) on November 26, 2021, in Lagos, Nigeria. The address covers the state of the Nigerian economy before and during the COVID-19 pandemic, the CBN's policy responses, and an outlook for economic recovery. Governor Emefiele highlights that this is his seventh consecutive keynote at the event, underscoring its importance. He begins by setting the pre-pandemic context, noting that Nigeria's GDP growth was 2.3% in 2019 with strong foreign capital inflows. The onset of COVID-19 in Q1 2020 caused significant economic disruption globally and domestically, with 259.7 million infections and 5.2 million deaths worldwide, including 2,974 in Nigeria. The CBN implemented various measures to contain the economic impact, including monetary policy easing, credit support to sectors like agriculture and manufacturing, and interventions to boost healthcare infrastructure. The address emphasizes the CBN's focus on macroeconomic and financial stability, and expresses gratitude to stakeholders including the CIBN leadership (President Mr. Bayo Olugbemi, Registrar Mr. Seye Awojobi), bank CEOs, CBN colleagues, and the press. The outlook is cautiously optimistic, citing progress in containing the virus and supporting economic activity. The speech serves as both a retrospective analysis and a forward-looking policy statement.

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