CBN Says Nigeria’s Production Output Gap Will Be Matched By December

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that he is optimistic that the output gap brought about by the 2020 recession would be close by the end of 2021.

This, he disclosed in his speech at the 14th annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN), themed “Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance.”

What the CBN Governor said

Emefiele expressed his optimism of Nigeria closing the output gap with a significant growth in GDP.

He said, “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 also stated that Nigeria’s robust payment system had continued to improve in order to fulfill the needs of Nigerian households and companies.

He claimed that 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.

Dr. Bayo Olugbemi, CIBN’s President/Chairman of Council, 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.