24 June 2019

Nigeria: Emefiele Unveils 5-Year Agenda, Targets Double-Digit Growth

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Savings, money.

Abuja — The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele Monday said he would work with the fiscal authority to pursue a double digit growth rate within the next five years.

He said the CBN will further commit to bringing down the rate of inflation to single digit.

Speaking while unveiling his agenda for the next five years of his second tenure as the apex bank boss, Emefiele said he would strive to sustain positive interest rate regime to the delight of important stakeholders as well as work to bring down the prices of food items which continued to exert inflationary pressures.

He said the CBN will also guarantee exchange rate stability adding that it would adopt the managed floating exchange rate regime as well as support measures to diversify the country's export base.

He also said the CBN will seek to broaden financial inclusion by ensuring that at least 95 per cent of all eligible adults have access to financial services by 2024.

He said the apex bank will work with banks to improve credit to SMEs, farmers and the teeming youths population with entrepreneur skills.

He said the CBN will also direct its intervention to education and mortgage as well as grow the foreign reserves.

Details later...

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