Despite the economic outlook, the Central Bank of Nigeria (CBN) has urged Nigerians to keep hope alive as forecasts by three fiscal and monetary authorities have shown that the economy would bounce back before or by the year-end.
According to the apex bank in its communiqué at the end of the Monetary Policy Committee (MPC) meeting last week in Abuja, three fiscal and monetary authorities: the Federal Government of Nigeria (FGN), the International Monetary Fund (IMF), and the Central Bank of Nigeria (CBN) have given assurances that the economy would grow by 3.52 per cent (CBN), 4.20 per cent (FGN) and 3.40 per cent (IMF).
The communiqué states: “Members noted that though the global economy was progressively weakening due to the various headwinds confronting the recovery, in Nigeria, output growth has been sustained as a result of the combination of development finance interventions by the Bank and fiscal stimulus by the Federal Government.
Members noted that in the last three years, the CBN has injected over N9 trillion into the economy, in addition to offering two- year moratorium for 10-year long-term loan facilities.
