Nigeria must be ready for the next global economic crisis — CBN Gov. Godwin Emefiele Advises

Governor of Central Bank of Nigeria, Godwin Emefiele, has said that Nigeria must prepare for the next global economic crisis.

Emefiele said this while delivering a lecture titled: ‘Beyond the Global Financial Crisis: Monetary Policy under Global Uncertainty,’ at the University of Benin, Benin, Edo State yesterday Wednesday, May 22nd.

Emefiele who recently got re-appointed as the governor of the apex bank, said although the country had made progress in strengthening the economy, more efforts must be made to cushion the Nigerian economy against the impending global economic crisis.

“From some of my concluding remarks, you may have observed, whether you like it or not, there is global uncertainty that will, unfortunately, most certainly lead to another crisis. The question could be, how are we as Nigerians, particularly our leaders, I am talking of monetary and fiscal policy authorities, how are we preparing our country for the next crisis?

“We have luckily exited recession; we have seen recession pending downward to about 18.72 per cent in 2017 to about 11. 37 per cent today. We have seen the reserve moving up but unfortunately we still have issues and those issues border on the unemployment rate and those issues border on how we prepare our country”.

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