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Emefiele Sets Agenda for Second Term in Office

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has promised to strengthen efforts to stir up growth and job creation in critical sectors of the economy in order to protect it from shocks from the global market.
Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

He said this after taking his oath of office on Monday.

The CBN boss, who spoke shortly after the oath of office was administered to him by the bank’s Secretary and Director, Corporate Secretariat Department, Alice Karau, said the CBN will be more people-focused.
He also said his office will be active in the role of supporting job and wealth creation in the country.

Mr Emefiele, who will officially assume office on Tuesday for a second term, revealed that he would unfold a new road map for the CBN and the economy next week.

He evaluated the various intervention programmes being undertaken by the apex bank to reduce the flaccid nature of the country’s financial system as well as supporting the productivity of the Nigerian economy.

The governor said that there is still more to be done to build an economy that is strong enough to withstand global economic shocks.

He called on stakeholders to increase their pace in strengthening efforts at building a stable system in the interest of the country.

The pace of Gross Domestic Product (GDP) growth, according to him, remained fragile and below the rate of Nigeria’s annual population growth at 2.7 per cent.

As a result, Mr Emefiele said the CBN would continue to collaborate with the fiscal authorities to strengthen growth and wealth creation in the country.

“We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global economy.

“We must also work to build a healthy and stable financial system that contributes to the growth of our economy, while preserving price stability” he said.

While expressing his gratitude to God for his return, he thanked the President, Muhammadu Buhari for his re-nomination, and the Senate, for confirming his appointment.

He also thanked the management and staff as well as the media for all their support during his first term in office.

Mr Buhari had written to the Senate on May 9 to inform them of his decision to reappoint Mr Emefiele.

The Senate, thereafter, referred the screening of Mr Emefiele to its committee on Banking, Finance, and other Financial Institutions before confirming him for a second term.

Mr Emefiele’s re-appointment may possibly point to no devaluation, which is positive news for the market.

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