Godwin Emefiele, governor of Nigeria’s central bank, speaks during the Nigeria Capital Markets and Banking Forum in London, U.K. Photographer: Chris J. Ratcliffe/Bloomberg
In line with the Senate’s standing rule, the president’s request would be referred in the next legislative day to the Senate Committee on Banking, Insurance and Other Financial Institutions for legislative processing. The committee’s main task is to subject Emefiele’s credentials to serious scrutiny.
Since mid-2014, when he took over the reins of CBN, Nigeria has experienced stable economic monetary policies, even as it did not witness any crude oil windfall, which is the backbone of the economy, in terms of revenue supply. Emefiele, through his monetary policies and even interventions in fiscal issues over the past five years, has insisted that the country still holds a high return on investment, with huge opportunities given its over 200-million-people market.
Beyond forex stability, which saw massive accretion in Nigeria’s foreign exchange reserves from about $23 billion in October 2016 to nearly $48 billion in June 2018, Emefiele’s policies also significantly helped Nigeria achieve fast recovery from recession, which was caused by sharp and sustained oil price declines from 2015 through 2017.
Even in the area of fiscal interventions, the CBN governor sustained large-scale financing of agriculture through the Anchor Borrowers’ Programme, which has disbursed hundreds of billions of naira in small loans to hundreds of thousands of peasant farmers, thereby creating millions of jobs across the country.
Other bank chief executives who spoke with The Guardian corroborated Uzoka’s position. The Managing Director, Wema Bank Plc, Mr. Ademola Adebise, said: “His reappointment is a welcome development, and there will be continued and sustained stability in the economy. Through this stability, investors will be able to understand our economic policies better and be able to make informed business decisions.
Under the new tenure, Jacobs expects “more liberalised and flexible interest rate, because at 14 percent, this is not really good for an economy that is still recovering from recession.
So far Emefiele has been working, irrespective of the poor economy. I think Nigeria needs his likes to savage the economy
He is not a politician, when things tough he is there with Mr president, he love his country, Mr president need him in his second term as one the tools because he is an insider and Mr president never satisfies with him. He need more prayer this time than congratulations messages
He might be suspended anytime. Dont Rant
Congratulations sir.
You mean the first Poster boy Governor of CBN?
Congratulations to him, may he use the trust bestowed on him to work towards strengthening our fiscal policy
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