PLAN’s Coordinator, Mallam Adamu praises Buhari for reappointing Emefiele
The Partners for Legislative Agenda for Nigeria, (PLAN), a Coalition of Civil Society and Youth Groups in Nigeria, has praised President Muhammadu Buhari for closely observing the good work of the Governor of Central Bank of Nigeria (CBN), Dr. Godwin Emefiele and reappointing him for five year tenure.
PLAN’s Coordinator, PLAN, Khalifa Bello Adamu made the remarks at a world press conference in Abuja on Friday.
He said the CBN Governor has worked well to enable the President to reconsider him.
According to him, Dr. Emefiele turned around the economy of the country, necessitating the confidence of President Buhari has in him.
Below is the full text of the press conference:
Public eulogy on the tenure extension of Dr. Godwin Emefiele, the Governor, Central Bank of Nigeria: A proactive approach towards policy sustainability and economic growth
Being a Text of World Press Conference by PARTNERS for LEGISLATIVE AGENDA for NIGERIA (PLAN), a Coalition of Civil Society and Youth Groups in Nigeria, on 12th May, 2019 in Abuja
Gentlemen of the Press
It is no more news that the president has recommended to the 8th Senate of the Federal Republic of Nigeria for confirmation the nomination of Dr. Godwin Emefiele to head the apex Bank for 5-year tenure as Governor. This act remains one of the dynamic moves of Mr. President and a symbolism of a new dawn were high premium is placed on HARDWORK and COMPETENCE. This is the direction we all expect the nation to drift to forthwith without parochial attachments. On this and much anticipation, we commend the government for doing the right thing on one hand and on another, congratulate the beneficiary for being steadfast in serving his fatherland Nigeria diligently. We also trust that the senate will do the needful and let the peoples man go.
We are hand in gloves with the choice of Dr Emefiele strictly on the grounds of his economic prowess, non partisan posture and ability to rejuvenate the weak economy. Mr. Emefiele was appointed governor by the then president- Goodluck Ebele Jonathan at the twighlight of his administration in 2014 on the recommendation that he’s a ‘good banking policy’ man who has built a carrier in banking with PROFESSIONALISM, FINANCIAL DISCIPLINE and PATRIOTISM as his watch words.
Upon taking over, his robust Monetary Policy and Leadership aura swiftly stabilized the economy by 2015 despite the nosedive of global oil price which holds firm monopoly of determining the stability of our economy. “This volatility affected our revenue base, stoke depreciated, Forex Inflow, system arbitrage and consequent policy measures leading to calls for devaluation of the naira by some experts and international organizations’’. With these uncertainties, the economy was hitherto plunged into eminent recession. This was a disastrous trend that also affected continental economic giants like South- Africa and Egypt which unfortunately they are still trapped into with the exception of Nigeria. And all thanks to Dr. Emefiele. (A very hard time for the nation then).
The plummeting economy had the Naira skyrocketing to about #550/$ in 2017 at the black market, delisting of Nigeria from the JP Morgan bond index, closing down of businesses by multinationals and contrasting political decisions were redefining moments for this giant called Emefiele.
‘’Truly tough times never last only tough people do and necessity is the mother of all inventions’’. As the tides got rougher, the Governor got his team working for an aggressive, far reaching polices and strategies that are focused on total economic recovery with bearing on diversification, strategic fiscal policies for the government, Agricultural programmes, steady and improved wages (to enhance purchasing power and taxation), savings, strategic investments, Jobs and wealth creation, and private sector participation which professionally are to assist in reversing the depression. These bore fruitful results as the Central and State Governments opened a corridor of cooperation at different levels and the following were achieved and executed till date:
- The foreign reserve accruals hiked from $23b in 2016 to $48b in 2018 and still counting.
- Federal government approvals to state to access grants and loans to upset backlogs of salaries, pension and gratuities running into tens of billions.
- The Anchor Borrower Program leveraged billions for peasant farmers which improved Agricultural Inputs and Created Jobs.
- Commercial banks were vigorously monitored to effectuate services and checked for proper adherence to established policies. (They are now declaring more profits and customers are being protected. Win-Win for all).
- The economy responded and the currency recoiled and is been stabilized at #360/$ at the open market and #358/$ in the banks for more than 24 months now.
- Inflation rate also declined from 19% in 2017 to 11% in to date.
Gentlemen of the press, haven implemented and achieved the above successfully, the economy bounced back in recovery and having greater prospects of maintaining the leading economy status in Africa. With this gargantuan resume again, who would not want to have this genius as his apex bank manager? Definitely no One.
With this reappointment from the ‘critical master’ while others are billed for jail terms due to misappropriation and abuse of power, we join millions of Nigerians in felicitating and appreciating his professional etiquette and encourage him to be more diligent, open to contemporary advice, continually engage government by advancing and advocating best policies that will strengthen the economy by restoring confidence in our financial market and create more and better jobs for our Youth.
- We also call on the Governor to remain bold in consolidating his performance and polices especially on the ban on items that can be produced locally to encourage local production.
- Try to reduce interest rates and inflation further.
- Continue to protect the Nigerian banking customer by steadily vetting the commercial banks.
- Implore him to explore more innovative ideas that seek to create more jobs for the teeming Nigerian Youth.
This is one nomination, appointment and/or reappointment that Nigerians seem to have a consensus on with eulogies all over the cyberspace. At a time were perception drives public view of this administrations intention, rather than backlashes from Nigerians, the government has been showered with encomiums on the Emefiele decision.
This appointment by implication signals a strong message to Nigerians: Be diligent, honest and patriotic, anyone can work with you.
We also urge the Government to like in the ‘Emefiele decision’; they should always INSIST ON THE BEST AND RESIST ALTERNATIVE MIGHT.
Once more congratulations Dr. Emefiele for passing the Integrity test.
Thank you for listening and god bless us all.
Khalifa Bello Adamu
Coordinator: PLAN
