Godwin Emefiele, Governor of CBN, has reiterated the need for extensive structural reform this year to fast-track the country’s economic growth, and the recovery from the COVID-19 crisis. Emefiele stated this in his personal comment at the last Monetary Policy Committee (MPC) meeting, a copy of which was posted yesterday on CBN’s website.
Driven by the base-year effect, the National Bureau of Statistics had revealed that Nigeria’s Gross Domestic Product (GDP) grew by 4.03 percent in the third quarter of 2021, compared with 5. 01 percent recorded in the preceding quarter. And the federal government had listed the removal of fuel subsidy, which had been described as a major drag on the economy, as one of the reforms it expected to carry out this year.