-2.5 C
New York
January 21, 2021
Worship Media

Nigeria’s economy may emerge from recession in first quarter of 2021 – Emefiele

Nigeria?s economy may emerge from recession first quarter of 2021 - Emefiele

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has predicted that Nigeria’s economy might emerge from recession in the first quarter of 2021.

Speaking at the 55th annual Bankers Dinner which held in Lagos on Friday November 27, Emefiele noted that the expected economic growth was two per cent.

He said; 

“With the sustained implementation of our intervention measures, we do expect that the Nigerian economy could emerge from the recession by the first quarter of 2021. 

“We also expect that growth in 2021 would attain 2.0 per cent. However, downside risks remain, as restoration of full economic activities, particularly in service-related sectors, remains uncertain until a COVID vaccine is produced and made available to millions of people across the world.

“Second, with the significant rise in cases in advanced markets and the imposition of lockdowns in parts of Europe, concerns remain on the impact this could have on growth in advanced economies, commodity prices and the financial markets.”

Emefiele also called for for measures to “insulate our economy from the impact of these shocks through our diversification efforts, while also working to ensure that we adhere to safety protocols in order to prevent a surge in COVID-19 related cases, as this could further cripple economic activities.

“Our actions in 2021 would be guided by the considerations that emerged from the Monetary Policy Committee meeting of November 23 & 24, 2020, which sought to address the major headwinds exerting downward pressure on output growth and upward pressure on domestic prices.”

Click Here to Visit Orignal Source of Article http://www.lindaikejisblog.com/2020/11/nigerias-economy-may-emerge-from-recession-in-first-quarter-of-2021-emefiele.html

Related posts

I spoke with her at 1pm but at 5pm, I was told she was in mortuary – Father of Nigeria’s first female combat helicopter pilot, Tolulope Arotile, speaks on their last moments


Season 3 of The Voice Nigeria is Back and it’s Bigger


Brad Pitt’s friend, Saul Fletcher ‘stabs his partner to death then calls daughter to confess before killing himself’


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy