Overview

The document is the keynote address delivered by Governor Godwin I. Emefiele of the Central Bank of Nigeria (CBN) at the Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) on November 10, 2017, in Lagos. The speech, titled 'Policy Options for Sustaining Nigeria’s Economic Upturn,' reflects on Nigeria's economic recovery from the 2016 recession. Emefiele highlights the improvements in key macroeconomic indicators since the previous year's dinner: GDP growth turned positive after three quarters of contraction, inflation fell from 18.3% to around 15%, foreign exchange reserves stabilized and increased to $34 billion, and the stock market rebounded. He attributes the recovery to collaborative efforts between the CBN and fiscal authorities, including the implementation of the Economic Recovery and Growth Plan (ERGP), restrictive monetary policy to curb inflation, and foreign exchange management policies that improved liquidity. The Governor outlines policy options to sustain growth: maintaining tight monetary policy until inflation is firmly controlled, improving infrastructure through public-private partnerships, diversifying the economy away from oil by supporting agriculture and manufacturing, and enhancing financial inclusion. He emphasizes the role of banks in credit extension to the real sector and calls for continued vigilance and collective effort.

Download