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.”