Reflections on economy and CBN policies

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By Arize Nwobu

ECONOMY is the lifeblood of a people and has been simply defined as ‘’the careful use of money, resources and means of production, the system of how money is made and used within a particular country or region.’’ Parameters for economic development include Gross National Product, GNP, per capita, occupational structure of the labour force, urbanisation, infrastructure, social conditions, consumption per capita and population. Nigeria’s economy is severely challenged because the population growth rate outstrips economic growth rate.

The population of 180 million has been projected to be  approximately 234 million by 2025 at a cumulative average growth rate of 2.5 per cent. Governor, Central Bank of Nigeria, CBN, Godwin Emefiele, had noted that the economy needs  to grow by at least six  per cent. According to him: “Nigeria is a country that must grow by at least twice the population growth rate and until we achieve that, we are not going to rest on…



Source: Vanguard Newspaper