IMF approval indicates Nigeria’s economic policies on course

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Washington D.C., April 14, 2023 Godwin Emefiele, the CBN Governor, says the 3.2 per cent rate economic growth projected for Nigeria by the IMF confirms  that Nigeria’s economic policies are yielding expected results.

Emefiele on Friday told Nigerian journalists attending the spring meetings of the world Bank/IMF that CBN’s economic policies were on course.

He said the focus of monetary policy of the CBN was to bring down inflation as well as stability of the banking sector.

He said while the growth projections for Nigeria were still sub-optimal, they were confirmation that the right steps were being taken to grow the Nigerian economy in the midst of the global economic uncertainties.

 “I think I must say that we are delighted that even in Sub-Saharan Africa, the growth levels in Nigeria even though by our assessment is still sub-optimal, that the IMF would of all the countries say that growth in Nigeria should be retained at 3.2 per cent gladens our heart.

“It means that we are doing certain things that are correct, and we will continue to do those things that are right.

“It should also mean that we are not going to remove our eyes on monetary policy which is to focus extensively on how to moderate inflation, but at the same time ensure that banking system stability remains resilient and strong as it is right now,” he said.

Emefiele, however, said that poverty level had risen astronomically in Nigeria as over 700 million people were being struck by poverty.

He said that food insecurity had also risen quite tremendously to the extent that 350 million people globally were being hit by extreme food crisis all over the world.

Emefiele promised that the CBN would continue to provide the regulatory framework to complement the fiscal policy measures needed to grow the economy in an inclusive and sustainable manner. (GBN)

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