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LequteMan
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Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, when he met with the organised private sector last week Tuesday to discuss developments in the foreign exchange market outlined some positives for the nation's economy for the year. Vanguard reports.
"In Nigeria, what we have seen is that we have some positives; we have seen the robust GDP growth rate of 6.35 per cent which is among the highest in the emerging markets in the world. We have seen inflation stabilising to about 8 per cent as at December 2014 compared to as high as 16 per cent that we saw as far back as two and half to three years ago.
According to him, this was achieved by not only by using monetary policy tools to control inflation, but also by the diversification of the economy particularly in the agricultural sector, which helped to ensure that the Nigerian economy remains resilient.
"Nigeria’s GDP increased by an impressive rate of 6.4 per cent last year and it is pertinent to note that the growth rate have been driven largely by the non-oil sector of the economy. Deficit budget also have decreased and we have considered that positive, deficit budget increasing to N680 billion as at November 2014 from about N4.15trillion in 2013.
"So things are not that bad and I think we should be happy about that." he said.
However he said some negative incidents are affecting the country's economy, especially the drop in crude prices.
"Between June 30 and December 31, 2014, price of crude oil had dropped by 50.7 per cent from about $112 per barrel to $55 per barrel in December and right now, we are talking about below $50 per barrel. This decline is about 50 per cent, from December 31 and now.
"Unfortunately, as a result of the drop in prices resulting in dropping revenues, we have seen the foreign reserves drop by about 12.3 per cent to about $39 billion in July 2014 to $34.26 billion on January 22, 2015.
"2015 is not bad, it will be good but we need to take certain actions. We believe that in the course of the year, there will be reversal in the crude oil prices, if that happens, it will help us in this nation.
#Nigeria #GodwinEmefiele #CBN
"In Nigeria, what we have seen is that we have some positives; we have seen the robust GDP growth rate of 6.35 per cent which is among the highest in the emerging markets in the world. We have seen inflation stabilising to about 8 per cent as at December 2014 compared to as high as 16 per cent that we saw as far back as two and half to three years ago.
According to him, this was achieved by not only by using monetary policy tools to control inflation, but also by the diversification of the economy particularly in the agricultural sector, which helped to ensure that the Nigerian economy remains resilient.
"Nigeria’s GDP increased by an impressive rate of 6.4 per cent last year and it is pertinent to note that the growth rate have been driven largely by the non-oil sector of the economy. Deficit budget also have decreased and we have considered that positive, deficit budget increasing to N680 billion as at November 2014 from about N4.15trillion in 2013.
"So things are not that bad and I think we should be happy about that." he said.
However he said some negative incidents are affecting the country's economy, especially the drop in crude prices.
"Between June 30 and December 31, 2014, price of crude oil had dropped by 50.7 per cent from about $112 per barrel to $55 per barrel in December and right now, we are talking about below $50 per barrel. This decline is about 50 per cent, from December 31 and now.
"Unfortunately, as a result of the drop in prices resulting in dropping revenues, we have seen the foreign reserves drop by about 12.3 per cent to about $39 billion in July 2014 to $34.26 billion on January 22, 2015.
"2015 is not bad, it will be good but we need to take certain actions. We believe that in the course of the year, there will be reversal in the crude oil prices, if that happens, it will help us in this nation.
#Nigeria #GodwinEmefiele #CBN
