Tough times ahead for Nigeria — CBN GOV

GOVERNOR of Central Bank of Nigeria, CBN, Godwin Emefiele, yesterday, appeared before the Senate Committee for screening to enable him serve for another five years, saying tough times await Nigerians due to impending population explosion.

According to him, Nigeria’s population will hit 425 million in 2050, the third largest in the world, unless urgent steps were taken to control it.

Emefiele, who appeared before the Committee on Banking, Insurance and Financial Institutions, led by Senator Rafiu Ibrahim, PDP, Kwara South, said impending population explosion of Nigeria and attendant economic implications would create tough times for Nigerians.

Fielding questions from senators, the CBN governor, who painted a gloomy picture of Nigeria in comparison with other countries, said with the rapid population on yearly basis and penchant for sabotaging government policies on economic growth and development, there would be serious crisis, if serious actions were not taken to control population growth.

He said with the current rapid population growth rate, there was urgent need for development – driven monetary and economic policies devoid of sabotage in anyway.

Emefiele, who was overwhelmed by the endorsement from senators, however, explained why Nigeria has multiple exchange rates.

The CBN governor said he inherited a very precarious situation that led to the skyrocketing of the exchange rate to over N500 to a dollar in one year, but noted that after serious monetary policies, it came down to N360 and had remained so.

He promised to use his second term to promote the agriculture sector through the Anchor Borrowers programme, relying on Small and Medium Enterprises, SME.

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