How CBN’s five-year development plan will improve Nigeria’s economy

The Director of Corporate Communications, Central Bank of Nigeria (CBN), Nwanisobi Osita, has established that the five-year development plan embarked upon by the governor of the apex bank, Godwin Emiefele, will revive and stimulate the Nigerian economy, which will, in turn, stimulate sustainability and reduce inflation.

He further said the CBN was promoting the e-naira, which is the equivalent of the physical naira to drive the digital economy, saying, “We are already seeing inflation trending downward from about 16.63 per cent to about 15.4 per cent.”

Speaking at a one-day interactive session with members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) in Kaduna over the weekend, Osita, who was represented by the deputy director, Sam Okogbue said, “We have seen what happened to the Nigerian economy, especially because Nigeria is a mono-product economy, dependent solely on oil for our forex earnings, as well as over 60 per cent of government expenditure.

“When you look at Governor Emiefele’s five-year policy thrust, starting with the one he wants to grow the economy by double digits, then you look at what happened to the economy from 2020 when we slipped into recession, recording about a negative 6.10 in quarter 2 of 2020, minus 3.62, 20 of quarter 3 and then move to a positive trajectory, but still very fragile.”

He, however, explained that today, the economy is growing in quarter 3 of 2021 by 4.03 per cent, which he said was as a result of some of the interventions of the CBN, and of course, what the physical authority did to grow the economy.