Managing an economy in recession difficult – Emefiele

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ABUJA, OCTOBER 18, 2016 – Managing an economy in recession is a difficult task but also presents challenges that are surmountable, the Governor, Central Bank of Nigeria, Godwin Emefiele, has said.Emefiele said this while receiving members of the Senate Committee on Finance, Insurance and other Financial Institutions, who paid an oversight visit to the apex bank in Abuja on Monday.

The CBN boss said the situation in the country required the cooperation and collaboration of all stakeholders, and expressed delight at the support that the bank had received from lawmakers in the past.

He said, “I am delighted that not only the committee but the entire Senate has worked closely with the Central Bank of Nigeria, receiving constant briefings about our activities and some of the things we have done to lift our country from the current situation that we are to prosperity.

“I must confess that it is difficult, but I must also say that the challenges are easily surmountable. We will continue to crave the support of the Senate; we will continue to crave the support of the committee, just as you have done in the past, to help achieve the common objective of lifting our country and making Nigeria an inhabitable place for Nigerians.”

The Chairman of the committee, Senator Rafiu Ibrahim, said the oversight visit was imperative because of the current economic situation in the country.

He said, “At this time, we are officially in recession; we believe that we have to work more together more than before. Even for those that have dual citizenship, Nigeria will still be number one.

“In the area of monetary policy, most Nigerians believe that most of the policies have failed because of the problem of recession.”

Although journalists were not allowed into the meeting, Ibrahim who spoke after the closed-door session, identified the areas of interest of the committee to include the performance of the 2016 budget, efforts being made to get the nation out of recession, and the state of the banks.

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