The Central Bank of Nigeria (CBN) has projected that the country’s economy will record growth rates of 3.7 % and 3.74 % in Q3 and Q4′ 2022 respectively.
Governor of the apex bank, Mr. Godwin Emefiele who made this known while speaking at the Chartered Institute of Bankers of Nigeria’s (CIBN) 57th Annual Bankers Dinner held in Lagos noted that the economy has maintained a positive growth rate since Q4 2020, despite external shocks occasioned by the COVID-19 crisis as well as the Russian – Ukraine war, attributed the development to the apex bank’s development finance initiatives.
He maintains that the CBN will continue with its tight monetary policy as part of measures to address inflationary pressures and boost capital inflows.
Mr Emefiele insisted that that the CBN will not extend the January 31, 2023 deadline for Nigerians to deposit the N200, N500 and N1000 notes, adding that any such notes not deposited will cease to be legal tender by that date.
The growth rate forecast by the Central Bank of Nigeria will be sweet news especially to most Nigerians even if this is not the kind of growth that many in the Civil Societies and Economic experts have always pointed out as the threshold for a complete transformation and Nationally felt growth.
To most Economic Experts, Observers, Civil Societies and Business People a growth rate of in double digits will be the ideal rate that will be felt by most Nigerians and the Business Community.
The issue of Economic Growth rate has also bee a part of the campaign promises of the major Political parties and their candidates who have promised to put in place measures to help develop the nations Economy.
Both the Presidential Candidates of the All Progressives Congress, Asiwaju Bola Ahmed Tinubu, and his Peoples Democratic Party Counterpart, Alhaji Atiku Abubakar have placed this at the Centre of their campaigns for the nations’ top office.