The decision of President Muhammadu Buhari to re-appoint Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN) for an unprecedented second term has been hailed by the Buhari Media Organisation (BMO) as a masterstroke which was definitely not a mistake.
ThisDayLive reports that the pro-Buhari group revealed this in a statement signed by its Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke.
In the statement, they claimed that the positive response by the stock markets and analyst to the news is enough to show that it was the right decision.
Part of the statement by the pro-Buhari group read:
“President Buhari came into Office about a year into Emefiele’s tenure as CBN Governor, and though he could have found a reason to ease him out of Office, after inheriting an economy that was near comatose, he gave the former Group Managing Director of Zenith Bank, the opportunity to prove himself. And as if the leash that was holding him back was removed when the All Progressives Congress (APC) came on board, in 2015, the CBN Governor spear-headed a number of Initiatives, to put the country on a path of sustainable economic growth, after it momentarily slipped into economic recession.
“So, by handing Emefiele a second term, the President has shown that what matters to him is performance, not ethnic or religious consideration, contrary to the picture that opposition elements had painted to undiscerning Nigerians over the years, and also in the run-up to the 2019 elections. We are not surprised at the deluge of commendations from respected Economists and Financial Analysts, because we know President Buhari as an individual that considers capacity to perform, and that is why he takes his time before taking decisions.
“After years of almost total dependence on imported rice from Thailand, the country now has hundreds of thousands of rice Farmers, who have benefitted from the CBN support, in terms of cash and farm inputs. At the last count, the programme has since 2015, disbursed N174.4 billion to 902,518 Farmers, through 19 Financial Institutions, and has created 2.8 million and 8.4 million direct and indirect jobs, respectively.
“The CBN also introduced the Real Sector Support fund; a facility meant to provide cheap funding at not more than nine percent interest rate, to new projects in the Agriculture and Manufacturing sectors. And like many Analysts, we acknowledge that the Bank’s decision to stop importers of 41 items from having access to foreign currencies went a long way in shoring up the value of the Naira, at a time the currency was threatening to go as high as 700 to a dollar.
“Also, the country’s foreign reserve under Emefiele’s watch has risen progressively, compared to the pre-Buhari era, when it was on a regular decline. We at BMO, recognise that the Bank’s monetary policies have also ensured that inflation has been relatively tamed, and we dare say that now that it is down to 11.25% as at March 2019, and 11.23 projected for April, Nigeria could have a single digit inflation rate in a matter of months.”
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