The Central Bank of Nigeria boss, Godwin Emefiele, has reassured Nigerians and investors of the efforts of the federal government to revamp the economy from its recessionary situation, says the economy will bounce back in the forth quarter of the year.
CBN boss predicted that the efforts of both the monetary and fiscal authorities will ensure the economy recovery. Emefiele said this the meeting with media executives in Lagos on Saturday.
He said: “We are already in the valley, the only direction is to go up the hill and the government is doing everything possible to ensure that we move up the hill. I am optimistic that based on the actions being taken by the monetary and fiscal authorities, the fourth quarter results will show evidence that we have started to move out of the recession.
“The worst is over. The Nigerian economy is on the path of recovery and growth. So, please if you are a bystander or sideliner, you are losing; join the train now before it leaves the station.”
“Both the monetary and fiscal authorities are working together and that is why you can see a situation where today even when we have revenue shortage or deficit, the monetary authority is trying to bridge the gap.
“We said to the fiscal authority that we can give you a bridge to go ahead and spend, and when you obtain the foreign loan that you are negotiating, or when your revenue improve, you can repay the bridge that we have created for you in order to stimulate spending. That is a practical case of collaboration between the monetary and fiscal authorities.”