By Nnamdi Mbawika, Enugu
The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele yesterday disclosed that inflation declined from a peak 18.7 per cent in January to 15.9 per cent in November, 2017.
He stated this while delivering the 47th Convocation Lecture of the University of Nigeria, Nsukka, (UNN) entitled “A Mindset for Succeeding in Today’s Nigeria”, delivered at Princess Alexander Hall, Nsukka.
Emefiele further disclosed that the GDP recovered after five quarters of continuous contraction recording positive growth of 0.7 and 1.4 per cent in quarters two and three of 2017, respectively and signaling an exit from the recession.
The CBN Governor also told the audience that exchange rate appreciated significantly from N525/US$1 in February 2017 to about N360/US$1 today, tapering premium across various windows and segments of the market.
“GDP recovered after five quarters of continuous contraction recording positive growths of 0.7 and 1.4 percent in quarters two and three of 2017, respectively, and signaling an exit from the recession.
“Inflation declined from a peak of 18.7 per cent in January 2017 to 15.9 in November. Exchange Rate appreciated significantly from over N525/US$1 in February 2017 to about N360/US$1 today, tapering premium across various windows and segments of the market.
“FX Supply has improved since the establishment of the I&E Window, with autonomous inflows of over US$10 billion through this window alone from April 2017 to date. FX Reserves has recovered significantly from a low of just over US$23 billion in October 2016 to about US$35.2 billion by November 27, 2017.
“Improvement in the World Bank’s ‘doing business indicators’ for 2018
with the country rising 24 places to rank 145 out of 190
countries. Significant boost in local production which is due to our
development finance efforts and the dogged implementation of our FX
policies. Today many local manufacturers are reporting major boosts to
their revenue and profit”, he stated.
Emefiele further pointed that this boost in local production was very
important because of demographic factors, as Nigeria
is estimated to have a population of over 180 million people, “and
this population is predicted by the United Nations to be 398 million
people in 2050, which would make Nigeria, the third largest in the
World by that time. These trends present a significant opportunity for
our graduates to turn whatever challenge they may be facing into
opportunities that can harness these demographic shifts.”
“Imagine what would happen if Nigeria and Nigerians cannot provide
food, shelter, clothing, health, education, and other basic things for
this teeming population. Even though these trends should already begin
to bother current leaders in our country today, I believe that young
Nigerians can begin today to see these trends as opportunities and
think of what they can do take advantage of the situation”, he said.