The Governor of the central Bank of Nigeria, Godwin Emefiele, CON has delivered the 3rd Eminent persons’ lecture of the University of Benin. The lecture was titled; “Beyond the Global Financial crisis; Monetary Policy Under Uncertainty”. Gov. Emefiele joins the likes of Amb. Walter Carrington, Former United States Ambassador to Nigeria and Prof. Wole Soyinka, Noble Laureate as Guest speakers of the series.
Prior to the lecture, Governor Emefiele in company of Edo State Governor Godwin Nogheghase Obaseki visited the Vice Chancellor, Prof. Osasere Orunwense in his office. Gov. Emefiele commended the University for instituting such a lecture and charged them to maintain the tempo. Appreciating the guest, the Vice Chancellor thanked the CBN Governor for creating time to be present for the event.
Commencing the lecture, the vice chancellor welcomed everyone present to the event and intimated the audience of the traditional of the university as regards the Eminent Persons’ Lecture. “As you are aware, this is the third edition of the Eminent Persons Lecture Series. Before today, two eminent personalities, Amb. Walter Carrington and Prof. Wole Soyinka have graced this podium with their presence by delivering the first and second Eminent Persons’ Lecture of our university. I am convinced that our lecturer here today would do justice to the topic and I urge you all to pay undivided attention to the lecture”, Prof. Orunwense charged.
The lecturer began his lecture by anchoring on the Global Financial Crisis of 2008-2009 which was caused as a result of the housing price bubble in the United States of America between 2002-2007. This led to the collapse in house price resulting to the rising default in subprime mortgage loans and financial institutions which held major portions of mortgage related securities suffered sizeable loses. This and other factors created uncertainty in the global financial markets.
Mr Emiefele noted that in Nigeria, significant outflow of funds from the stock exchange was witnessed as foreign investors divested of their assets. According to him despite the little effect of the global financial crisis on the Nigerian economy when compared with other nations, the 60% drop in crude oil prices between 2014-2016 along with the normalization of Monetary Policy by the US Federal Reserve Bank in 2014 imposed severe constraints on the Nigerian economy, given the country’s reliance on crude oil for over 90% of her export earnings and 60% of government revenue.
Governor Emefiele gave suggestions as it relates to Nigeria’s monetary policies in response to the Global uncertainties to include; strengthening the nations fiscal buffers, intensify efforts at supporting targeted interventions in the agriculture and manufacturing sectors, proactive fiscal actions, specifically and infrastructure investment and continues restriction on the importation of items that can be produced in Nigeria.
Climaxing the event, the guest lecturer and the Governor of Edo State His Excellence Godwin Nogheghase Obaseki were presented with gifts by the Vice Chancellor. Story written by: Mr. Omokaro Kelvin
Watch the University of Benin 3rd Eminent Lecture Series titled “Beyond the Global Financial Crisis: Monetary Policy Under Uncertainty”
Lecturer: Mr. Godwin Emefiele (CON) (Governor of the Central Bank of Nigeria)