Brexit, CBN Governor Says No Adverse Effect On Nigeria.

 Brexit, CBN Governor Says No Adverse Effect On Nigeria.

Governor of the Central Bank of Nigeria Godwin Emefiele has assured that the outcome of Britain’s decision to stay or exit the European Union will not adversely impact much on the Nigerian economy.

Emefiele made the assertion while briefing Nigerian journalists at the just concluded World Bank/International Monetary Fund Spring meetings in Washington DC, yesterday.

The EU leaders agreed last Thursday to extend the Brexit deadline until October 31, 2019, postponing the UK’s departure about six months from the scheduled April 12 departure date, in a bid to avert a disastrous no-deal.

Nigerians are expressing fears that the country could take some heat from the outcome of the Brexit negotiations due to the fragile growth the country is witnessing.

Emefiele however said: “The whole discussion about Brexit is about immigration and trade. Britain and Nigeria have trade relationship but it is not as strong as that of China and the United States.

“China is Nigeria’s largest trading partner followed by the United States and I could imagine that Britain comes quite low on that scale. In my view, it is not going to be of any adverse consequences on Nigeria.”

He however assured that the apex bank is reviewing the situation and its implications but expects them to be positive.

Speaking on the performance of the economy, Emefiele said the Economic Growth and Recovery Plan is a standard plan that will lead to the growth and development of Nigeria.

“Naturally, like you know about plans, Sometimes you find that you overshot the target, and at other times, for one reason or the other, we fall shot.

“But by and large, we have achieved a relatively stable micro economic environment with inflation stabilizing or moderating to about 11%, with exchange rate looking good, and reserve build up. These are the mandates enshrined in the ERGP document.”

Ayomide Oyewole

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