The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has estimated a Gross Domestic Product (GDP) growth of three percent by the end of 2021 on the back of improved macroeconomic indices.
He expressed confidence that there will be improved output by the end of the year while speaking during the 14th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN).
He spoke on the theme ‘Recovery, inclusion and transformation: The role of banking and finance’.
Addressing the Vice President, Prof. Yemi Osinbajo and other dignitaries in Abuja on Tuesday, Emefiele said, “Your excellency sir, with continued improvements in the economy. I am optimistic that by the end of the year, our economy will not only close the output gap brought about by the 2020 recession but that we would end the year with an annual GDP growth of between 2.5 to 3 per cent, up from -1.92 per cent in 2020.”
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He also disclosed that the country’s robust payment system had continued to evolve towards meeting the needs of households and businesses in Nigeria.
According to him, between 2015 and 2020, close to $500million worth of funds have been invested in firms run by Nigerian founders.
The President/Chairman of Council, CIBN, Dr. Bayo Olugbemi, said the conference aimed to deliver the solutions that would drive economic recovery, inclusion, and transformation of the economy for greater value.
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