By Omodele Adigun
The Central Bank of Nigeria (CBN), has given assurance that the economy is in safe hand, having ploughed over N9 trillion into the economy in the last 3 years in form of bailout funds to keep it afloat.
According to the apex bank in its Communiqué at the end of Monetary Policy Committee (MPC) meeting last week in Abuja, even the outlook from reputable fiscal and monetary authorities have shown that the economy is in the right track to bounce back before or by year end with its backing.
Th three fiscal and monetary authorities respectively are: the Federal Government of Nigeria(FGN),the International Monetary Fund (IMF) and the Central Bank of Nigeria(CBN).All have alredy given assurances that the economy would grow by 3.52 per cent (CBN), 4.20 per cent (FGN) and 3.40 per cent (IMF).
The communique highligted that in the last three years, the CBN has injected over N9 trillion into the economy, in addition to offering 2- year moratorium for 10-year long-term loan facilities. . The Committee believes that these interventions have significantly helped engendered growth. However, in light of the persisting pressures on inflation, the Committee encouraged the Bank to maintain a close watch on the inflationary implications of the interventions
“The economy has thus maintained continuous growth for seven consecutive quarters, following its exit from recession in 2020. This consistent positive performance was driven largely by the sustained growth in the non-oil sector, particularly services and agricultural sub-sectors, supported by continued policy interventions, as well as credit expansion to the private sector.