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Nigerian economic recovery still hazy – Governor

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the road to the country’s full economic recovery is still tough and rough.Contrary to insinuations that the country operates multiple exchange rates, he said the country’s multiple windows was designed to stabilise the exchange market.

Speaking when he appeared before the Senate Committee on Banking, Insurance and other Financial Institutions for screening for reappointment as CBN Governor for another five-year term, Emefiele decried the high level of disregard and disrespect of policies and laws of the country.

For him, the Federal Government designs policies and puts laws in place aimed at growing the economy, but implementation had always posed a challenge.

The CBN boss noted that there was no doubt that observing policies and laws put in place by the government was a sure way of growing the country’s economy.

Emefiele took time to explain what the apex bank did to lift the country out of recession.

He vowed that those who work to circumvent and flout the laws of the country would no longer be spared.

He expressed worry over the country’s rapid population growth rate, warning that steps must be taken to put in place policies that would take care of the projected 425 million people in 2050.

“We just came back from the IMF/World Bank programme in April. And in the World Bank’s/IMF’s World Economic Outlook, Nigeria is positioned as a country whose population will grow and rise to over 425 million people by the year 2050.

“I worry and I do think that we all should worry that a lot of work needs to be done to make sure that we are able to put in place policies that will make life good for this 425 million people when we are the third largest population in the world,” he said.

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