IMF’s 3.2% growth projection confirms our economic policies working – Emefiele

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the International Monetary Fund’s (IMF) 3.2 per cent growth projection for Nigeria confirms the country’s economic policies are working.

Emefiele said this during an interview with journalists on the sideline of the World Bank/IMF spring meeting at the headquarters of the IMF yesterday.

The IMF explained that global growth would slow to 2.8 per cent in 2023 and remain weak at around 3 per cent over the next five years. But for Nigeria, the IMF maintained its economic growth projection of 3.2 per cent in 2023, amidst global economic challenges.

Speaking on the development, Emefiele said the focus of monetary policy would be to bring down inflation while ensuring the banking sector’s stability.

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He said while the growth rate projection for Nigeria was still sub-optimal, it is gladdening because it is a confirmation that the right steps are being taken to grow the Nigerian economy in the midst of the global economic uncertainties.

He said, “I think I must say that we are delighted that even in sub-Saharan Africa, the growth levels in Nigeria, although by our assessment is still sub-optimal, the IMF would, of all the countries, say that growth in Nigeria should be retained at 3.2 per cent glades our heart.

“It means that we are doing certain things that are correct, and we will continue to do those things that are right. It should also mean that we are not going to remove our eyes on monetary policy, which is to focus extensively on how to moderate inflation, but at the same time, ensure that the banking system stability remains resilient and strong as it is right now.”

Emefiele said that while poverty level had risen quite astronomically where over 700 million people were being struck by poverty, food insecurity had also risen quite tremendously, to the extent that 350 million people globally are hit by extreme food crises all over the world.

In the midst of this, he assured that the Central Bank of Nigeria would continue to provide the regulatory framework that would complement the fiscal policy measures needed to grow the economy in an inclusive and sustainable manner.