Emefiele wins Forbes banking excellence award

The Forbes Magazine has conferred the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, with the 2017 Forbes Best of Africa Innovative Banking Award. The award was given on the sidelines of the ongoing World Bank/International Monetary Fund 2017 annual meetings in Washington DC, United States. The President, Forbes Customs Emerging Markets, Mark Furlong, while presenting the award, said it was in recognition of Emefiele’s courage and determination in using monetary policy to ensure financial stability in Nigeria. According to him, the CBN under Emefiele has also shown transparency, which has helped to stabilise the economy. Furlong said the CBN governor’s interventions in the real sector of the economy, particularly in the Anchor Borrowers’ Programme, had served as a major boost to the development of the agricultural sector in Nigeria. Before receiving the award, the CBN governor highlighted efforts made by the bank, under his leadership, since 2014, to stabilise the financial system and maintain the international value of the naira. Attributing the award to the collective efforts of the management and staff of the CBN, as well as the cooperation of the Federal Government, Emefiele said the CBN had taken on inflation in order to check the negative effects of several global shocks that had hit Nigeria between 2014 and 2016. He said the monetary authorities were glad that its policies had contributed in forcing inflation down from its previous heights of 18 per cent to 16 per cent, even as he expressed optimism that the rate of inflation would be further lowered with other policies in place. Emefiele thanked Forbes for finding him worthy of the award on behalf of the CBN. “But, I think, what is most important here is to thank Nigerians for standing with us, particularly during the very difficult times. I say difficult times then, although I make bold now to say we are out now,” the CBN governor said. “Like you all know, the last three years has been tumultuous, not just for Nigeria, but the global economy; arising largely from the external shocks that hit particularly the commodity exporting countries,” he added. The CBN governor said the Anchor Borrowers’ Programme had enhanced economic growth and created jobs. He said, “The Nigerian government is confident that through agriculture, the wealth of our people can be boosted. We are on that journey. We want to invite all of you, our friends and foreign investor friends. I heard the president of the Corporate Council for Africa talked about the fact that there are foreign investors that are interested in agriculture in Nigeria. We welcome you. Come, Nigeria will receive you.” The President, Corporate Council on Africa, Florizelle Liser, who was at the presentation, said the body was proud of the achievements of the CBN governor.

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