The Governor of the Central Bank of Nigeria, Godwin Emefiele, has expressed optimism of Nigeria closing the output gap with a significant growth in GDP before the end of 2021.
Emefiele, in his speech at the 14th annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN), themed “Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance,” said that the output gap was caused by the 2020 recession.
According to the CBN Governor, with continued improvements in the economy, he his optimistic that by the end of the year, the nation economy will not only close the output gap brought about by the 2020 recession, but that country’s economy would end the year with an annual GDP growth of between 2.5 – 3%, up from -1.92 per cent in 2020.
He also disclosed that between 2015 and 2020, close to $500 million has been invested in enterprises operated by Nigerian founders, demonstrating the country’s faith in its payment system.
While speaking at the event, Emefiele further explained that Nigeria’s robust payment system had continued to improve in order to fulfill the needs of Nigerian households and companies.
Emefiele applauded the theme of the conference, saying that it was appropriate considering the exceptional occurrences of 2020, especially when viewed in light of policymakers’ efforts to reverse a major slump in economic activity last year.