…Initiatives for economic growth top agenda
The Central Bank of Nigeria, CBN, chief executives of banks and other financial experts in Nigeria in Conjunction with Vanguard Newspapers will on Friday, February 26, 2021, hold a one-day Special Summit on how to overcome the pitfalls of recession and engender enduring national growth path. The event which will be strictly Covid-19 Compliant will hold at the Eko Hotels and Suites, Lagos at 10.am prompt.
A statement released by the organizers noted that following the projection in the nation’s budget this year that there is going to be a recession, financial experts want to support the Federal Government, through the instruments at their disposal, to stimulate economic growth.
Mr. Godwin Emefiele, Chief Convener of the event and Governor of the Central Bank of Nigeria will give the welcome address at the Summit while the Vice President, Professor Yemi Osinbajo (SAN), Chairman of the National Economic Council, will give the Keynote Speech. The Honourable Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed will give a Goodwill message on ‘the Nation’s Economic Outlook: Yesterday, Today and Tomorrow”. Mr Sam Amuka, Chairman of Vanguard Newspapers will give the introductory remarks.
The event organized under the CBN and Bankers Committee’s Initiative for Economic Growth, is themed “How to Overcome the Pitfalls of Recession: Bankers’ Perspectives on an Enduring National Growth Path”.
“The Forum will provide a platform for Chief Executive Officers of leading banks in Nigeria to examine vital economic issues, new strategic priorities, innovative business practices, and the encompassing role of banks in stimulating economic growth in Nigeria”.
A key feature of the Forum is the plenary and syndicate sessions by Bank Chief Executives on specific areas of the economy that will stimulate growth.
The objectives of the Forum include the stimulation of collaborative ideas on how to prevent another economic recession in the country, deepening of discussions and elevating thought leadership on issues of the economy, proactively examining economic challenges and proffering solutions on how best to hedge against them and highlighting the need for financial institutions to take the lead in the efforts at revamping the economy.
Keynote Speakers slated for the Forum are: Governor Kayode Fayemi, Chairman, Governors’ Forum and Governor of Ekiti State who will speak on “Rebuilding the Economy Through State Governments”; Governor Babagana Zulum of Borno State who will deliver a paper on “Rebuilding the Economy of Northern Nigeria” – while Governor Babajide Sanwo-Olu of Lagos will speak on “Rebuilding Lagos and the Southern Nigeria Economy.”
Other notable speakers are Mr. Ben Akabueze, Director General of the Budget Office in the Presidency. He will speak on “The Road Map to Economic Recovery: The role of Planning for a Desired Future” ; His Royal Majesty Sanusi Lamido Sanusi will speak on “The Road Map to Economic Recovery: Towards Positive Social Impacts” while Dr. Doyin Salami, Chairman, Nigeria’s Economic Advisory Council will speak on “Insights on the Economy: Development and Growth Plans”.
Recall that Nigeria’s Gross Domestic Product (GDP) in real terms declined by -3.62% (year-on-year) in Q3 2020, thereby marking a full-blown recession and second consecutive contraction from -6.10% recorded in the previous quarter (Q2 2020).
According to the third quarter (Q3) GDP report, released by the National Bureau of Statistics (NBS), the performance of the economy in Q3 2020 reflected residual effects of the restrictions to movement and economic activity implemented across the country in early Q2 in response to the COVID-19 pandemic.
GDP is Nigeria’s biggest economic data and it measures the monetary value of everything produced in the country. It depicts the nation’s total economic activity. A recession is a period of decline in general economic activity, typically defined when an economy experiences a decrease in its gross domestic product for two consecutive quarters.
The latest contraction in Nigeria’s GDP indicated the second recession in the country in the past 5 years. The Nigerian economy entered recession in Q2 2020 when GDP contracted by -2.06% for the second time in the year.
Analysts continue to dimension the recovery pattern for the Nigerian economy in 2021, with reputable outlets forecasting a slow recovery pattern on the back of possible second wave of Covid-19 pandemic currently distorting economic landscape in the advanced economies.
IMF had forecasted that the Nigerian economy will contract -4.3% in 2020, as the Central Bank continues to drive aggressive intervention to stimulate the economy on the path of recovery.
Recall also that President Mohamed Buhari while presenting the 2021 budget had projected that there was going to be a recession. This has thrown up challenge of steering the economy away from the pending recession.
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