The Central Bank of Nigerian (CBN) has said that the country’s economy is strong and sound for many years now.
In a reaction to some reports yesterday, CBN spokesman Ugo A. Okoroafor said in a statement its Deputy Governor Financial System Stability, Dr. Kingsley Moghalu, was misquoted in his lecture delivered over the weekend at Nsukka, Enugu State.
He said the economy has a robust macroeconomic environment including a stable banking system, foreign exchange stability, and single digit inflation.
Okoroafor said while delivering a lecture titled, “The Human Capital Dimension of Economic Transformation,” at the University of Nigeria, Nsukka, to mark the Golden Jubilee celebration of the first graduates of the university, Moghalu gave a contextual background on the Nigerian economy and the quest of Nigeria to become one of the top twenty economies in the world by the year 2020.
“In that context, he noted that Nigeria’s economy had historically not performed up to its full potential relative to the country’s endowments and the economic achievements of emerging market economies such as those of China, Brazil, Malaysia, and South Korea, some of which were at similar levels of development with Nigeria in the 1960s,” the statement said.
Source: Daily Trust
