Nigeria’s economic challenge is reversible, says Emefiele

The fact that Nigeria is in a crucial point in its financial history notwithstanding, the situation has equally thrown up opportunities to future prosperity. Consequently, Nigerians have been advised to remain bold and persistent in trying new ideas and taking up opportunities in entrepreneurship to be part of the collective efforts to revive the economy. Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, made the observations in his keynote address at the quarterly meeting of the Association of Chief Audit Executives of the Banks, in Lagos, last weekend. Meanwhile, the bank’s chief has said that given the need to maintain good internal control, ethical practice, sound risk management, healthy and stress-free banks amid a challenging times, there would be constant policy initives for the industry. While admitting that money is scarce, price of oil, which is the major source of foreign exchange and government revenue, has significantly reduced, and may remain so for a long time, he called for fundamental changes in attitudes, orientations and practices. “Regrettably, because our economy is still largely import-dependent, this fuels the general rise in the prices of goods and services. Hence, there is a noticeable decline in the purchasing power of the people. “If well tackled, the current situation can pave the way to future prosperity. Where and when necessary, we must remain bold and persistent, and never afraid to try new ideas, as these are major requirements in a time of change. That is why I am confident that Nigeria will overcome our current challenges. “Change is the categorical imperative of the moment. It applies to CBN as the nation’s lender of last resort and the banking sector regulator; it applies to banks and other financial institutions; and even, change is required from the public that we all serve,” he said. Represented. Source: Guardian