CBN Governor Explains How Nigeria Came Out of Recession

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Ifeanyi Emefiele, CON, has explained that after five consecutive quarters of negative growth beginning in the first quarter of 2016, a coordinated approach by the fiscal & monetary authorities supported a rebound in the nation’s economy during the second quarter of 2017.

According to him, the recovery has been driven largely by improved non-oil activities, especially the Agriculture sector which expanded consistently by about 3.5 to 4.3 percent reflecting government’s efforts at diversifying the economy, adding that this was nonetheless, reinforced by the pickup in the oil sector as oil prices rallied in 2017, noting that the gradual re- orientation of the economic structure towards the Agriculture sector reflects the diversification drive of the government which was supported by the development finance initiatives of the CBN.

Mr. Emefiele who spoke with His Excellency,the Governor of Enugu State, Rt. Hon. Lawrence Ifeanyi Ugwuanyi, who was represented by his deputy, Chief Mrs. Cecilia Ezeilo in his audience, added that the recovery has been sustained for seven consecutive quarters, saying that the pace of quarterly GDP gowth has improved from 5 percent in the second quarter of 2017 to 2.38 percent in the fourth quarter of 2018, stressing that the short-term outlook continued to strengthen with average growth projections of about 2.8 percent for 2019,up from 1.81 percent in 2018.Godwin Emefiele, who spoke on the topic: “From Recession to Growth: The story of Nigeria’s Recovery from the 2016 Economic Recession” at a
special convocation ceremony of the University of Nigeria, Nsukka(UNN) for conferment of (1) Doctoral Degrees to a selected few & (2) Award of Honorary Degree at UNN,yesterday,17-5-19.

He reminded the audience that as a result of the implementaion of a tighter monetary policy regime & improved FX inflows,inflation began to decline from it’s peak of 18.7 percent in January 2018,adding that it currently stands at 11.25 percent as at March 2019, observing that interestingly for the first time during a general election cycle that the inflation rate declined from11.25 percent in March 2019 due to the measures aimed at containing liquidity & supporting improved production of staple food items.

He further examined other areas which gave rise to the Country exiting from recession to include Reserves,Anchor Borrowers Program, Manufacturing Sector,Peer Review,among others.

Also in his wecome address, the Pro-Chancellor & Chairman, Governing Council of UNN, Chief Mike Olorunfemi observed that the alumni of any University are very important stakeholders and pillars of support who continued to give financial support and  donations to their Alma mater,noting that they are required to help in re-invigorating,re-energizing and re-inventing the tonic of the University,especially UNN.

Earlier in his address,the Vice – Chancellor(VC) of UNN, Prof. Benjamin Chukwuma Ozumba revealed that there is an establishment of Environment for Development (EFD) centre which will be fully funded by the Swedish International Development Agency (SIDA) and will serve as a research and Environment Policy Research Centre (REPRC),noting that it is the only one of it’s kind in Nigeria, approved after a competitive bidding in which 3 out of 20 Universities were successful.

He, however, said that in his media chat, he took advantage of the chat to present his scorecard as the 14th VC of UNN not only to the University but to the general public, adding that it was well attended & widely reported on the print,electronic and Social media.

The highlights of the occasion included the admission to Degrees of Doctor of philosophy (Ph.D) which included Edith Ugochi Ohaja, Ph.D in Print Journalism & whose Thesis Title is Knowledge, Perception, Application of Advocacy, News Reporting Among Nigerian Journalists, Christy Ngozi Obi-Keguna, Ph.D in Social Work & whose Thesis Title is Challenges of Family-Based Care for Older Adults in Ndokwa Area of Delta State, Nigeria,among others & conferment of Honorary Degree of Business Administation (Honoris Causal DBA) on Godwin Ifeanyi Emefiele,Governor,Central Bank of Nigeria.

The Chancellor of the UNN,His Imperial Majesty,Oba Adeyeye Enitan Babatunde Ogwunwusi, Ojaja II, Ooni of Ife who was represented by the VC. also spoke during the occasion.


Meanwhile, the Deputy Governor of Enugu State, Her Excellency, Lolo Cecilia Ezeilo congratulated the CBN Governor for his appointment for a second tenure & commended him for his efforts in bringing the Country out of economic recession.She made the remarks at the VC’s conference room, UNN during a courtesy call on the VC by the Governor during the event.’

The DG said: “On behalf of the Governor of Enugu State, His Excellency, Rt. Hon. Dr. Lawrence Ifeanyi Ugwuanyi, UI congratulate you for your appointment for a second tenure”.


About Chris Ugwuja, Enugu

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