A third of the world economy in recession – Emefiele
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that about a third of the world economy is currently in recession due to the adverse effects of the Covid pandemic and the ongoing war between Russia and Ukraine.
Emefiele revealed this on Monday while speaking at the Foreign Affairs and Aviation Stakeholders Meeting with Speaker of the House of Representatives Femi Gbajabiamila.
He noted that the bank was working outside the box to mop up currencies and strengthen the naira and, by extension, the economy through what he called the RT 200 policy.
"What is happening is a global challenge. Indeed, as I speak, I can say that the global outlook is darkening today due to the worsening global slowdown.
“Today, more than a third of the global economy is in recession. The global community is facing increasing incidents of unemployment. Indeed, most countries in the world are facing rising inflation This year alone, the United States raised rates by almost 3.75% in 2022, which created severe inflationary pressures and depreciation of other countries' currencies.
"From CBN since February this year, we have introduced the RT 200 program which is this program introduced in order to encourage the repatriation of Forex revenue from exporters of non-oil export commodities. We are glad that the program When we started, the first six weeks of February and March, we could only see repatriation, we paid repatriation discounts of about $62 million. an astronomical improvement to $622 million in non-oil export revenue. For the third quarter, we saw nearly $1 billion,” Emefiele said.
Emefiele also said that Nigeria is repositioning itself through non-oil exports.
The CBN boss, while responding to the issue of $700 million in funds being trapped from foreign airlines, said that contrary to the IATA representative's position that nothing has been done to reducing the backlog, said $265 million has been earmarked for payment to foreign airlines. through their various banks.
He also called on other foreign countries to grant landing permits to Nigerian Airlines to operate their flights to lessen the burden of accumulated funds in the future.
Meanwhile, the Speaker of the House of Representatives, Femi Gbajabiamila, is seeking a solution to the trapped foreign airlines.
Gbajabiamila told the assembly that the issue of blocked or trapped funds from foreign airlines was of great concern to the Chamber.
Gbajabiamila added that the principle of reciprocity requires that Nigerian carriers should also be allowed to fly in countries whose airlines have a huge market in Nigeria called on the CBN Governor to seek ways to increase Forex for airlines, just as it agreed that allowing Nigerian Airlines to operate many international routes will reduce the incident of trapped funds in the future.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that about a third of the world economy is currently in recession due to the adverse effects of the Covid pandemic and the ongoing war between Russia and Ukraine.
Emefiele revealed this on Monday while speaking at the Foreign Affairs and Aviation Stakeholders Meeting with Speaker of the House of Representatives Femi Gbajabiamila.
He noted that the bank was working outside the box to mop up currencies and strengthen the naira and, by extension, the economy through what he called the RT 200 policy.
"What is happening is a global challenge. Indeed, as I speak, I can say that the global outlook is darkening today due to the worsening global slowdown.
“Today, more than a third of the global economy is in recession. The global community is facing increasing incidents of unemployment. Indeed, most countries in the world are facing rising inflation This year alone, the United States raised rates by almost 3.75% in 2022, which created severe inflationary pressures and depreciation of other countries' currencies.
"From CBN since February this year, we have introduced the RT 200 program which is this program introduced in order to encourage the repatriation of Forex revenue from exporters of non-oil export commodities. We are glad that the program When we started, the first six weeks of February and March, we could only see repatriation, we paid repatriation discounts of about $62 million. an astronomical improvement to $622 million in non-oil export revenue. For the third quarter, we saw nearly $1 billion,” Emefiele said.
Emefiele also said that Nigeria is repositioning itself through non-oil exports.
The CBN boss, while responding to the issue of $700 million in funds being trapped from foreign airlines, said that contrary to the IATA representative's position that nothing has been done to reducing the backlog, said $265 million has been earmarked for payment to foreign airlines. through their various banks.
He also called on other foreign countries to grant landing permits to Nigerian Airlines to operate their flights to lessen the burden of accumulated funds in the future.
Meanwhile, the Speaker of the House of Representatives, Femi Gbajabiamila, is seeking a solution to the trapped foreign airlines.
Gbajabiamila told the assembly that the issue of blocked or trapped funds from foreign airlines was of great concern to the Chamber.
Gbajabiamila added that the principle of reciprocity requires that Nigerian carriers should also be allowed to fly in countries whose airlines have a huge market in Nigeria called on the CBN Governor to seek ways to increase Forex for airlines, just as it agreed that allowing Nigerian Airlines to operate many international routes will reduce the incident of trapped funds in the future.
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