The Governor of Central Bank of Nigeria, Godwin Emefiele, said on Friday the Nigerian economy is on track for full recovery this year.
The Nigerian economy rebounded in the last quarter of 2020 after two consecutive periods of negative growth and the CBN chief expects growth to gather pace this year.
Emefiele, who spoke at a Bankers’ Committee conference held in Lagos, described 2021 as a year of global recovery, saying Nigeria must not be left out.
He said: “Fiscal and monetary policy could boost Nigeria’s recovery prospects. It is therefore imperative that we do all we can in 2021 to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”
To achieve the expected growth, he stressed the need for the government and other stakeholders to provide accommodative monetary policy measures that will enable faster recovery of the economy through improved flow of credit to households and businesses in agriculture, Information and Communication Technology (ICT), manufacturing and other key sectors of the economy.
Emefiele added: “These measures are essential if we are to return our economy to a sustainable growth path while reducing our exposure to volatility in commodity prices.
“Over the next three years, we will continue to encourage the banking sector to increase its loans to the agriculture sector from 4 percent to 10 percent by 2024. We are also pursuing an in-depth restructuring of the Nigeria Commodities Exchange Board in order to improve access to finance as well as productivity for stakeholders in the agriculture sector.
“COVID-19 has brought on several challenges to our economy, it also offers a unique opportunity for us to build a more resilient economy in 2021 that is better able to contain external shocks whilst supporting growth and wealth creation in key sectors of our economy.”
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