Emefiele to unfold roadmap for economy

Godwin Emefiele yesterday assumed duty for a fresh five-year term as the Central Bank of Nigeria (CBN) Governor after subscribing to the Oath of Office administered by the bank’s Secretary/Director, Corporate Secretariat Department, Mrs. Alice Karau.

This followed the confirmation of his re-appointment by the Senate as requested by President Muhammadu Buhari.

Emefiele served out his first five-year term on Sunday.

A statement from the CBN said that Emefiele will unfold a new road map for the apex bank and the local economy at a news conference in the coming days.

The statement reads: “He will unfold a new road map for the bank and the economy, in the days ahead, after series of consultations with critical stakeholder groups.”

He charged all stakeholders to strengthen efforts at building a healthy and stable system in the best interest of the country.

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Emefiele also reiterated his goal to make the CBN more people-focused, adding that “the bank remains resolute in the belief that the bank must play an active role in supporting job and wealth creation in Nigeria.”

In reviewing the various efforts taken by the bank to reduce weaknesses in the financial system as well as support improved productivity of the Nigerian economy, Emefiele said more work still needed to be done in building a stronger economy for the benefit of all.

According to him, the pace of Gross Domestic Product (GDP) growth remained fragile and was below the rate of Nigeria’s annual population growth at 2.7 per cent.

He pledged that the bank would continue to collaborate with the fiscal authorities to strengthen growth and wealth creation.

Emefiele said: “We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global eeconomy.

“We must also work to build a healthy and stable financial system that contributes to the growth of our economy, while preserving price stability.”

The CBN boss was ushered into the bank by the four deputy governors, and he “was visibly elated by the turnout of excited staff that thronged the venue of the oath-taking ceremony chanting his name,” the statement said.

Emefiele expressed gratitude to God; the President, for nominating him; and the Senate for confirming his appointment.

He also thanked the management and staff as well as the media for all their support during his first term in office.