Wednesday, 9 October 2013

Report Of Weak Nigerian Economy Misleading ­­— ­­CBN

The Central Bank of Nigeria (CBN) has described as misleading, newspaper report that the Nigerian economy is weak published in some of the nation’s newspapers (excluding LEADERSHIP) yesterday quoting the Deputy Governor Financial System Stability, CBN, Dr Kingsley Moghalu.
In a statement issued yesterday by the CBN, entitled “Misleading Reports on Dr Kingsley Moghalu’s Lecture,”  and signed by its Head, Corporate Communications, Ugo Okorafor, the bank maintained that the newspaper report was  inaccurate and misleading.
“The attention of Dr Kingsley Moghalu, Deputy Governor Financial System Stability, Central Bank of Nigeria, has been drawn to a news report in the Nation and Tribune Newspapers, published on Monday, October 7, 2013, quoting him as saying that the Nigerian economy was weak.  We wish to clarify that the report is totally inaccurate and misleading,” Okorafor said. 

The statement explained that while delivering a lecture titled, “The Human Capital Dimension of Economic Transformation,” at the University of Nigeria, Nsukka, to mark the Golden Jubilee celebration of the first graduates of the university, he gave a contextual background on the Nigerian economy and the quest of Nigeria to become one of the top twenty economies in the world by the year 2020. In that context, he noted that Nigeria’s economy had historically not performed up to its full potential relative to the country’s endowments and the economic achievements of emerging market economies such as those of China, Brazil, Malaysia, and South Korea, some of which were at similar levels of development with Nigeria in the 1960s.” 
The apex bank stated that it was therefore misleading to create headlines suggesting that Nigeria’s economy is presently “weak” when, as a matter of fact, Nigeria has achieved GDP growth rates averaging 7 per cent, over the past five years.”
Nigeria, according to Okoroafor has a robust macroeconomic environment, including a stable banking system, foreign exchange stability, and single digit inflation.
Source: Leadership

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