Governor of the Central Bank of Nigeria, Godwin Emefiele, has said he is optimistic that the country’s gross domestic product (GDP) will record a significant annual growth of 2.5 – 3 per cent by the end of the year, up from -1.92 per cent in 2020.
He also said he was hopeful that the output gap brought about by the 2020 recession would be closed by the end of 2021.
He disclosed this in his speech at the 14th annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN), with the theme “Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance.”
“With continued improvements in the economy, I am optimistic that by the end of the year, our economy will not only close the output gap brought about by the 2020 recession, but that we would end the year with an annual GDP growth of between 2.5 – 3%, up from -1.92 per cent in 2020,” he said.
Emefiele also stated that Nigeria’s robust payment system had continued to improve in order to fulfill the needs of Nigerian households and companies.
According to him, between 2015 and 2020, close to $500 million has been invested in enterprises operated by Nigerian founders, demonstrating the country’s faith in its payment system.
He said the conference’s theme was appropriate considering the exceptional occurrences of 2020, especially when viewed in light of policymakers’ efforts to reverse a major slump in economic activity last year.
CIBN’s President/Chairman of Council, Dr. Bayo Olugbemi, said the conference drew over 10,000 people from various sectors of the economy with global representations to discuss in depth the best strategies to move the economy ahead.
He stated that the event aimed to provide much-needed answers for economic recovery, inclusivity, and economic change for better value.
