Emefiele is not done with the Central Bank of Nigeria yet

Despite several rumours that he might not return, the Governor of Central Bank of Nigeria, Godwin Emefiele, has been nominated by President Muhammadu Buhari for a second term of five years. This evidently shows that the president is satisfied with Emefiele’s performance with regards to the apex bank and its decisions so far. This will also be the first time since Nigeria returned to Democracy that anyone will serve two terms as Governor of CBN.

It would be recalled that Emefiele was at the forefront of bringing Nigeria out of recession with the stringent policies that he put in place. Emefiele’s policies really bit the country so hard that he was criticized both locally and internationally. His policies affected a lot of foreign companies as many of them exited the country and made a lot of Nigerians to start thinking about made in Nigeria goods as opposed to the usual love for imported goods.

Emefiele has remained firm on his nationalist belief and intervened in everything that would lead to economic growth by supporting farmers, entrepreneurs as well as small and medium scale businesses. He was able to do this through various initiatives such as the Anchor Borrowers’ Programme (ABP), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and the National Collateral Registry.

He has been able to use the ABP to ensure that Nigeria emerged from being a net importer of rice to becoming a major producer of rice. Currently, there are over 900,000 farmers cultivating about 835,239 hectares, across 16 different commodities which includes rice and maize thereby creating over 2.7 million jobs.  

Although Emefiele has the technical Know how about banking and economics his leadership was often criticised as being controlled by president Buhari. It has also been rumoured that without Emefiele, the Nigerian economy might collapse.

Prior to Emefiele’s nomination, his five years tenure was due to end by June 3, 2019. If his nomination is approved by the Senate, Emefiele’s would exit office in 2024 after a new president would have been elected in 2023.

Market analysts are of the opinion that reappointing Emefiele for another term will ensure that price stability is sustained; create room for more effective monetary policy transmission; support economic growth and ensure that the growing harmony between the monetary and fiscal policy authorities is strengthened.

Here are five things you didn’t know about the CBN governor, Godwin Emefiele:

  • Godwin Emefiele, born on August 4, 1961 in Lagos State of Nigeria, is from Ika South Local Government Area of Delta State, Nigeria.
  • Godwin had his earliest education at Government Primary School, Victoria Island and Maryland Comprehensive Secondary School, Ikeja, Lagos, where he obtained his West African School Certificate (WASC).
  • He proceeded to the University of Nigeria Nsukka, where he obtained a second class Upper division in Banking and Finance. He further obtained a Master’s Degree (MBA) in Finance from UNN where he won the Best Graduating Student Award. In 2004 and 2005 he proceeded to Stanford University, Harvard University and Wharton School of Business where he later engaged in Executive studies.
  • He became a lecturer of Finance and Insurance at the University of Nigeria Nsukka, and University of Port Harcourt, before venturing into the Banking sector. He has more than 18 year experience in banking. He served as Director of ACCION Microfinance Bank Limited. He worked with the Zenith Bank and served as a Director at ZenIth Bank (Gambia Limited).
  • Godwin Emefiele was the Chief Executive officer and Group Managing Director of Zenith Bank (Nigeria) Plc. before he became the Governor of the Central Bank of Nigeria, a position he has been holding since June 3, 2014.