Godwin Emefiele who is the Governor of the Central Bank of Nigeria, has revealed that about One-third of the world economy is currently down on some serious recession levels which has occured due to the damaging effects of the Covid pandemic and the ongoing war between Russia and Ukraine.
Emefiele had also made this disclosure on Monday while he had been speaking at the Foreign Affairs and Aviation stakeholders’ meeting with the House of Representatives Speaker, Femi Gbajabiamila.
He had also noted that the bank was completely working outside the box to mop up the foreign exchange and also 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 today is darkening due to deepening global slowdown.
“Today more than one third of the global economy is in recession. The global community is facing rising incidents of unemployment. Indeed most of the countries of the world are facing rising inflation. As a result of this year alone, the USA happens to raise rates almost by 3.75 percent in 2022, that has created some serious inflation pressures and depreciation on the currencies of other countries.
“From the CBN since February this year, we introduced the RT 200 programme which is that programme introduced in order to encourage repatriation of Forex proceeds from exporters of non oil export products. We are gratified that the programme is doing well. When we started it, the first six weeks in February and March, we were only able to see repatriation, we paid rebates on repatriation of about $62 million. The second quarter, we saw an astronomical improvement to $622 million in exports proceeds of non oil. For the third quarter, we have seen almost close to a billion dollars,” Emefiele said.
Emefiele also said Nigeria is repositioning through non-oil exports.