CBN, bank CEOs, experts to hold summit on how to exit recession

The Central Bank of Nigeria (CBN), chief executives of banks and other financial experts in Nigeria will on Friday, February 26, 2021, hold a day Special Summit on how Nigerian can overcome the pitfalls of recession and engender enduring national growth path.

The event, organisers say will be strictly Covid-19 compliant, will be held at the Eko Hotels and Suites, Lagos, at 10am prompt.

The organisers note in a statement that following the projection in the nation’s budget this year that there was going to be a recession, financial experts want to support the Federal Government through the instruments at their disposal to stimulate economic growth.

Godwin Emefiele, the chief convener and governor of the CBN, will give the welcome address at the Summit while Vice President Yemi Osinbajo, chairman, National Economic Council, will give the keynote speech. Zainab Ahmed, minister of finance, budget and national planning, will give a goodwill message on ‘the Nation’s Economic Outlook: Yesterday, Today and Tomorrow.’

The event organised under the CBN and Bankers Committee’s Initiative for Economic Growth, is themed “How to Overcome the Pitfalls of Recession: Bankers’ Perspectives on an Enduring National Growth Path.”

It will provide a platform for CEOs of leading banks in Nigeria to examine vital economic issues, new strategic priorities, innovative business practices, and the encompassing role of banks in stimulating economic growth in Nigeria.

The objectives of the Forum include the stimulation of collaborative ideas on how to prevent another economic recession in the country, deepening of discussions and elevating thought leadership on issues of the economy, proactively examining economic challenges and proffering solutions on how best to hedge against them. Furthermore, highlighting the need for financial institutions to take the lead in the efforts at revamping the economy.

Keynote speakers slated for the Forum include Kayode Fayemi, chairman, Nigeria Governors’ Forum and governor of Ekiti State, who will speak on “Rebuilding the Economy Through State Governments”. Governor Babagana Zulum of Borno State will deliver a paper on “Rebuilding the Economy of Northern Nigeria” – while Governor Babajide Sanwo-Olu of Lagos will speak on “Rebuilding Lagos and the Southern Nigeria Economy.”

Other notable speakers are Ben Akabueze, DG, Budget Office in the Presidency, Sanusi Lamido Sanusi, and Doyin Salami, chairman, Nigeria’s Economic Advisory Council.

Nigeria’s Gross Domestic Product (GDP) in real terms declined by 3.62% (year-on-year) in Q3 2020, signalling a full-blown recession following a second consecutive contraction from -6.10% recorded in the previous quarter (Q2 2020).

The latest contraction in Nigeria’s GDP indicated the second recession in the country in the past 5 years. Analysts continue to dimension the recovery pattern for the Nigerian economy in 2021, with reputable outlets forecasting a slow recovery pattern on the back of possible second wave of Covid-19 pandemic currently distorting economic landscape in the advanced economies.

IMF had forecasted that the Nigerian economy will contract -4.3% in 2020, as the Central Bank continues to drive aggressive intervention to stimulate the economy on the path of recovery.