Emefiele projects economic prosperity for Nigerians in 2023

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has projected better days ahead for Nigerians.

According to him, the persistent inflation rate, which has impacted the purchasing power of Nigerians, could fall steadily to less than 15 per cent by the end of 2023.

Emefiele stated this over the weekend at the 57th annual bankers’ dinner organized by the Chartered Institute of bankers of Nigeria (CIBN) in Lagos.

Ripples Nigeria reported that Nigeria’s headline inflation accelerated to the highest level in 17 years to 21.09 per cent in October 2022, from 20.77 per cent in the previous month.

But CBN wants Nigerians to expect a drop due to its policies.

“On the backdrop of our previous policy measures, and as the effect continues to permeate the system, our inhouse model-based simulations indicate that inflation rate could fall steadily to less than 15 percent by end-2023,” Emefiele said.

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Emefiele noted that inflation expectations are rising as existing structural rigidities are compounded by global factors and anticipated elections-related liquidity upsurge, adding that for the rest of 2022 and towards mid-2023, Nigeria’s rate of inflation is projected to remain elevated and above the 12.5 per cent growth-aiding threshold.

On foreign exchange, he said the CBN is determined to maintain its stable exchange policy stance over the next few months through innovative policy measures to manage the demand and supply of foreign exchange.

“If the current problem of oil theft is promptly corrected, we could expect a resumed inflow of crude oil receipts into the official reserves. This could foster gross stability in the foreign exchange market and enhance exchange rate stability,” he said.

The governor of the CBN also projected Nigeria’s growth to reach 3.7 per cent in quarter three and 3.47 by the fourth quarter.

According to him, based on the expectation of a robust non-oil performance, and barring any unforeseen shocks, the GDP growth rate is projected to remain positive in the remaining quarter of 2022 and during 2023.

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