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Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) says the country may stay longer in recession for a longer time.
Emefiele made the disclosure after the monetary policy meeting on Tuesday in Abuja; THE CABLE reports. The CBN Governor said, “Available forecasts of key macroeconomic indicators point to a fragile economic recovery in the second quarter of the year,” Emefiele said in Abuja.
“The Committee cautioned that this recovery could relapse in a more protracted recession if strong and bold monetary and fiscal policies are not activated immediately to sustain it.
“Thus, the expected fiscal stimulus and non-oil federal receipts, as well as improvements in economy-wide non-oil exports, especially agriculture, manufacturing, services and light industries, all expected to drive the growth impetus for the rest of the year must be pursued relentlessly.”
“The Committee expects that timely implementation of the 2017 Budget, improved management of foreign exchange, as well as security gains across the country, especially, in the Niger Delta and North Eastern axis, should be firmly anchored, to enhance confidence and sustainability of economic recovery.
“The Committee identified the downside risks to this outlook to include weak financial intermediation, poorly targeted fiscal stimulus and absence of structural programme implementation.”
Emefiele made the disclosure after the monetary policy meeting on Tuesday in Abuja; THE CABLE reports. The CBN Governor said, “Available forecasts of key macroeconomic indicators point to a fragile economic recovery in the second quarter of the year,” Emefiele said in Abuja.
“The Committee cautioned that this recovery could relapse in a more protracted recession if strong and bold monetary and fiscal policies are not activated immediately to sustain it.
“Thus, the expected fiscal stimulus and non-oil federal receipts, as well as improvements in economy-wide non-oil exports, especially agriculture, manufacturing, services and light industries, all expected to drive the growth impetus for the rest of the year must be pursued relentlessly.”
“The Committee expects that timely implementation of the 2017 Budget, improved management of foreign exchange, as well as security gains across the country, especially, in the Niger Delta and North Eastern axis, should be firmly anchored, to enhance confidence and sustainability of economic recovery.
“The Committee identified the downside risks to this outlook to include weak financial intermediation, poorly targeted fiscal stimulus and absence of structural programme implementation.”
