Godwin Emefiele is currently the Governor of the Central Bank of Nigeria (CBN). He became CBN the Governor on  the 6th  March 2014.

 Prior to his joining the CBN, he spent over 26 years in commercial banking culminating in his tenure as Group Managing Director and Chief Executive Officer of Zenith Bank PLC, one of Nigeria’s biggest bank .

Before his banking career, he was a lecturer in Finance and Insurance in two Nigerian Universities. Mr. Emefiele holds degrees in Banking and Finance from the University of Nigeria, Nsukka, and is also an alumnus of Stanford University, Harvard and Wharton Graduate Schools of Business where he took courses in Negotiation, Service Excellence, Critical Thinking, Leading Change and Strategy.

Emefiele is the only person that has served two terms as CBN Governor due to his performance and achievement as he was reappointed  by President Muhammadu Buhari  in 2019 after the expiration of  his first term.

Under Emefiele’s leadership as the CBN  Governor, he has been able to help the federal government on several occasions. He has also heavily funded the president’s agricultural programme.

 Emefiele has entrenched Macroeconomic stability and  engendering Economic Development in Nigeria.

 On reappointment by President Muhammadu Buhari he consolidated on the achievements of the first tenure through his popularized five-year policy thrust for another term of five years (2019-2024). The CBN within the context of its enabling Act continues to maintain sound financial structure, promote monetary stability, safeguard the value of Naira and stable exchange rate, proving to be a financial adviser to the federal government in the areas of price and exchange rate management, development financing, building foreign reserves and employment creation.

On Exchange rate management, there have been creative interventionist measures which include flexible exchange rates (in interbank market) to multiple windows FX management for whole sale, invisible, small and medium enterprises (SME) and Investors/Exporters windows.

Notwithstanding a sharp drop in crude oil prices, and reduction in Nigeria’s oil production quota, as well as the significant decline in government revenue and foreign exchange earnings as a result of the impact of two recessions in quick successions in addition to  COVID-19 impact on the nation’s economy,  exchange rate stabilizes at N410/$.

Exchange rate availability allows for planning and investment decisions. CBN had consistently resisted  the pressures to return to “staggering and undulating foreign exchange rate in relation to the naira due to pressures by speculators, bettors, round-trippers and rent-seekers.

 Emefiele had long seen tomorrow well before COVID-19. In promoting import substitution through development financing, CBN rightly removed some 43 imported goods from the list of some items valid for Forex Exchange in the Nigerian Foreign Exchange Market.

The CBN under his leadership has not relented efforts at ensuring economic growth and financial stability through strategic policies, which have in recent times been criticised.

Such policies have helped the CBN to navigate the Nigerian economy through economic challenges such as economic recession/stagflation, Covid-19 pandemic, interest rate issues, foreign exchange rates, external reserves, exchange rate, financial inclusion and the gap in the agricultural value chain.

The CBN under the leadership of Emefiele introduced various interventions, which were born out of market failure and other critical issues within the nation’s economic space, according to Osita Nwanisobi, CBN’s acting director, corporate communications department.

Currently, the CBN has 37 intervention funds targeted at stimulating the economy and addressing the issue of unemployment.

A look at some of his key achievements so far revealed that Africa’s biggest economy has recorded significant growth in banks credit to private sector by 92.79 percent year-on-year to N32.64 billion in June 2021 from N16.93 billion in June 2014, when Emefiele became the governor of the CBN.

The huge increase in banks credit growth was driven by the policy of Loan to Deposit Ratio (LDR), which the CBN under the leadership of Emefiele introduced in September 2019.

Under the Emefiele’s led Central Bank’s development finance initiatives, the Bank granted N756.51 billion to 3,734,938 small holder farmers cultivating 4.6 million hectares of land, of which N120.24 billion was extended for the 2021 Wet Season to 627,051 farmers for 847,484 hectares of land, under the Anchor Borrowers’ Programme (ABP); for the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), the sum of N121.57 billion was disbursed to 32,617 beneficiaries; and for the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs).

Also, Under the National Youth Investment Fund (NYIF), the Bank released N3.0 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs. Under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 356 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals.

The CBN under the N1.0 trillion Real Sector Facility, released N923.41 billion to 251 real sector projects, of which 87 were in light manufacturing, 40 in agro based industry, 32 in services and 11 in mining.

On the N100 billion Healthcare Sector Intervention Facility (HSIF), N98.41 billion was disbursed for 103 health care projects, of which, 26 are pharmaceuticals and 77 are in the hospital services. Similarly, the sum of N232.54 million was disbursed to 5 beneficiaries under the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for Covid-19 and Lassa Fever.

Under the National Mass Metering Programme (NMMP), N36.04 billion was disbursed to 17 Meter Asset Providers, to nine (9) DisCos, for the procurement and installation of 657,562 electricity meters. On the Nigerian Electricity Market Stabilization Facility – 2 (NEMSF-2), the CBN released N120.29 billion to 11 DisCos, to provide liquidity support and stimulate critical infrastructure investment needed to improve service delivery and collection efficiency.


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