Stop creating panic, Emefiele begs analysts; projects 2% economic growth for 2021

A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc

Emefiele projects 2% economic growth for 2020
CBN Governor, Godwin Emefiele

By Babajide Komolafe

The governor, Central Bank of Nigeria (CBN) Godwin Emefiele has projected that the economy will grow by two percent in 2021, but begged economic analysts to stop creating panic.

Emefiele stated this in Lagos in a keynote address delivered at the 55th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN).

While expressing confidence that the various intervention of the Apex bank will make Nigeria emerge out of recession in the first quarter of 2021, Emefiele said: “We also expect that growth in 2021 would attain 2.0 percent.”

He however stressed the need to insulate the economy from shocks that may undermine the attainment of the projected 2.0 per cent economic growth.

He said: “However, downside risks remain, as restoration of full economic activities, particularly in service-related sectors, remains uncertain until a COVID vaccine is produced and made available to millions of people across the world.

“Second, with the significant rise in cases in advanced markets and the imposition of lockdowns in parts of Europe, concerns remain on the impact this could have on growth in advanced economies, commodity prices and the financial markets.

“We must therefore find ways to insulate our economy from the impact of these shocks through our diversification efforts, while also working to ensure that we adhere to safety protocols in order to prevent a surge in COVID-19 related cases, as this could further cripple economic activities.”

On the other hand, the CBN Governor appealed to economic analysts from analysis that can create panic and thus hamper the economic recovery process.

He said: “When you overdramatized you create panic in the system and that slows down the process of recovery.”

Vanguard News Nigeria.

Football news:

Fred on the Liverpool game: This is the biggest match in England. Manchester United will play to win, so will they. It will be Interesting
Lewandowski is the first player in the history of the Bundesliga with 21 goals in the first part of the season
Klopp on refusing to lead Manchester United: In Liverpool, even the weather is better than in Manchester! I'm in my place
Ramos will not move to PSG after his contract with Real Madrid expires. Between the clubs - a gentleman's agreement
Sergi Busquets: Messi is the best in the world. With him, Barca's chances of winning the Super Cup are higher
Arthur would have chosen Ronaldo as captain over Messi: both are good leaders. But with Cristiano we play together
Zidane is not counting on Odriosola. Defender can leave Real Madrid on loan