Overview

The document is the maiden press briefing of Godwin I. Emefiele, the 11th Governor of the Central Bank of Nigeria (CBN), delivered in June 2014. It outlines his vision for the CBN, focusing on professionalism, apolitical stance, and people-centered development. Emefiele acknowledges the Bank's achievements in financial stability, low inflation, exchange rate stability, and efficient payment systems, especially during the 2007-2009 global financial crisis. The speech reviews the global macroeconomic context, noting reduced but persistent risks, with global growth projected at 3.6% in 2014 (up from 3% in 2013), driven by accommodative policies in advanced economies and strong exports from emerging markets. Specifics include US GDP growth of 1.9% in 2013 but a 1% contraction in Q1 2014; Euro area growth of about 1.2% in 2014 with lingering risks; Japan growing 1.5% in 2013 and projected at 1.4% in 2014; China expanding 7.5% in 2014 (down from 7.7% in 2013); and Sub-Saharan Africa rising from 4.9% to 5.5% in 2014. Nigeria's economy grew at an average of 7% from 2007-2013, outperforming the Sub-Saharan Africa average of 5.2%. The document then sets the stage for Emefiele's agenda, which includes entrenching macroeconomic stability and engendering economic development.

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