The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, forecast that in the first quarter of 2021, Nigeria’s economy will recover from the recession.
Speaking at the 55th annual Bankers Dinner on Friday 27 November in Lagos, Emefiele observed that the economic growth projected was two percent.
We expect the Nigerian economy to recover from recession by the first quarter of 2021 with the continued execution of our action initiatives.
We also expect growth to hit 2,0 per cent in 2021. Nevertheless, downside risks exist because the restoration of full economic operation particularly in the service-related industries, remains unknown before the COVID vaccine is manufactured and made available to millions of people around the world.
Second, the significant increase in advanced market cases and the imposition of lockdowns in parts of Europe continue to raise concerns about the impact this could have on advanced economies’ growth, commodity prices and financial markets.
Emefiele has called for steps to “isolate our economy through our diversification efforts from the impact of these shocks, while also working to ensure that we adhere to safety protocols to prevent a surge in cases related to COVID-19, as this could further cripple economic activities.”
“Our actions in 2021 will be guided by the considerations that emerged from the November 23 & 24, 2020 meeting of the Monetary Policy Committee, which sought to address the major headwinds of downward pressure on output growth and upward pressure on domestic prices.”