The Deputy Governor of the Central Bank of Nigeria (CBN), Emem Usoro, has declared that the apex bank’s systems and implemented policies successfully rescued the country from an impending economic disaster.
Usoro made this statement on Saturday during her acceptance speech for an honorary doctorate degree at Akwa Ibom State University’s convocation ceremony in Ikot Akpaden, Mkpat Enin LGA .
The CBN Deputy Governor was among several prominent Nigerians, including the Emir of Kano, who received honorary degrees from the university .
She explained that the bank aligned the nation’s monetary policies with federal fiscal reforms, which has resulted in exchange rate and macroeconomic stability. “We have developed systems and implemented policies that brought the country back from economic disaster and are positioning the economy to better serve all segments of society,” Usoro stated .
Coordinated Reforms
The CBN’s policy direction, which included the unification of the foreign exchange market and the clearance of a legacy $7 billion FX backlog, has restored credibility to Nigeria’s financial system .
At the recent IMF/World Bank Spring Meetings in Washington, D.C., CBN Governor Olayemi Cardoso noted that if the current reforms had not been implemented when they were, “the outcome for the country could have been far more difficult and painful” .
Similarly, Finance Minister Wale Edun stated that Nigeria is now “well-positioned to withstand external shocks,” such as the ongoing Middle East crisis, due to the durable reforms under President Bola Tinubu’s administration .
Economic Indicators
The reform efforts have yielded visible results. Inflation has declined from a 28-year high of 34.8 per cent to lower levels, although it recently saw a slight uptick due to global shocks . Foreign reserves have rebuilt to $46.7 billion, while the banking recapitalisation programme raised N4.65 trillion from investors to bolster financial resilience .
Usoro urged young graduates to emulate knowledge-driven economies like Singapore and Japan, focusing on innovation rather than relying solely on natural resources .
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