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IMF economic projection for Nigeria sub-optimal —CBN gov, Emefiele

Published

1 year ago

April 15, 2023

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the growth projection of the International Monetary Fund (IMF) for Nigeria’s economy in 2023 was sub-optimal.

Emefiele said the economic projection is less than CBN’s assessment. He made this known on Saturday at the ongoing World Bank/IMF Spring meetings in Washington DC, which ends on Sunday.

Ripples Nigeria previously reported that the CBN’s Monetary Policy Committee (MPC) projected Nigeria’s economy will grow by 2.88 per cent.

This is below the IMF projection and that of the Federal Government that projected 4.2 per cent for the 12 months of this year.

Emefiele, however said the projection of the IMF was welcomed and shows that the policies of Nigerian government and the economic handlers are working.

“I must say that we are delighted that even in sub-Saharan Africa, the growth levels in Nigeria, even though by our assessment, is still sub-optimal. That the IMF, would among all the countries in Africa, say that growth in Nigeria should be retained at 3.2 percent, gladdens our heart”.

The CBN governor added: “It means we are doing certain things that are correct and we’ll continue to do those things that are right.”

Emefiele said the CBN will double down on its monetary policy to curb the soaring inflation and ensure the banking system remains stable.

“But it also means that we are not going to remove our eyes on monetary policy, which is to focus extensively on how to moderate inflation, but at the same time, ensure that banking system stability remains resilient and then strong, as it is right now,” the apex bank head said.

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