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    CBN forecasts 3% GDP growth in 2019 – Emefiele

    Chronicle EditorBy Chronicle EditorMarch 21, 2019No Comments2 Mins Read
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    EFCC asks court to dismiss Emefiele’s move to stop seizure of $2.04m
    EFCC asks court to dismiss Emefiele’s move to stop seizure of $2.04m
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    CBN Governor Godwin Emefiele has predicted 3% GDP growth
    CBN Governor Godwin Emefiele has predicted 3% GDP growth

    Central Bank of Nigeria (CBN) expects the economy to pick up in 2019, forecasting a gross domestic product growth of three per cent, up from 1.9 percent recorded last year, its governor Godwin Emefiele said on Thursday.

    Emefiele said the bank would maintain its tight monetary stance in 2019, and sees inflation at 11.31 percent in February and rising to 12 percent this year before moderating.

    The governor, who is set top step down in June, told an economic conference in Lagos that the economy would see more growth as the recovery is become self sustaining.

    Economic growth has been recovering since the third quarter of 2016, when the recession bottomed out. Higher oil prices helped Nigeria exit that contraction. In 2018, the economy grew at its fastest pace since the recession.

    Emefiele expects volatility in the crude oil market to put pressure on the currency but the central bank would maintain its stance on exchange rate over the next year.

    READ: 1.6m Votes? Atiku, PDP in post-poll depression, says APC

    He said more than $6 billion had flowed into the local bond market since last month’s presidential election as foreign investors piled into debt to lock in yields as high as 14 percent.

    Bond investors had been worried elections would turn violent, not about who won. President Muhammadu Buhari has favoured a strong and stable currency, which bondholders hope will continue.

    Buhari won a second term in charge of Africa’s biggest economy in February, defeating his pro-business rival Atiku Abubakar who had touted privatizations and float the currency as some of the ways to grow the economy.

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    Police nab church member over kidnap of two Catholic Priests in Adamawa

    Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 

    July 5, 2025
    Adeleke denies defection rumours

    Adeleke not defecting to APC, Osun PDP declares

    July 5, 2025
    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    July 5, 2025
    Nine-man PSG stun Bayern to reach Club World Cup semis

    Nine-man PSG stun Bayern to reach Club World Cup semis

    July 5, 2025
    NLC threatens to shut down Abuja after July 3 over unpaid wages

    NLC vows protest if NASS attempts to decentralise minimum wage

    July 5, 2025
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