Posted by According to Godwin Emefiele, the governor of the Central Bank of Nigeria, one-third of the global economy is presently experiencing a recession as a result of the consequences of the avian flu epidemic and the continuing conflict between Russia and Ukraine.
In his Monday speech at the Foreign Affairs and Aviation stakeholders meeting with House of Representatives Speaker Femi Gbajabiamila, Emefiele made this disclosure.
He pointed out that the bank is using unconventional methods, or what he dubbed the RT 200 strategy, to scoop up foreign cash and boost the Naira and, therefore, the economy.
“What is taking place is a worldwide problem. In fact, I can state right now that the world’s outlook is becoming gloomier as the global downturn deepens.
“Today, the world economy is under recession to a greater than one-third extent.
The incidence of unemployment is on the rise around the globe.
Inflation is growing in the majority of the world’s nations.
Due to the USA raising rates by roughly 3.75 percent in 2022 as a consequence of this year alone, there have been significant pressures on inflation and devaluation of other nations’ currencies.
“From the CBN, we announced the RT 200 program in February of this year, which is that program created to stimulate the repatriation of Forex earnings from exporters of non-oil items.
We are happy that the initiative is succeeding.
“When we originally began it, throughout the first six weeks of February and March, we could only observe repatriation; we paid refunds on repatriation totaling roughly $62 million.
“In the second quarter, non-oil export revenues increased dramatically to $622 million.
We have witnessed pretty close to $1 billion for the third quarter.
said Emefiele.
Emefiele said that Nigeria is reinventing itself via exports other than oil.
Contrary to the assertion made by the IATA representative that no action has been taken to reduce the backlog, the CBN boss stated that $265 million has been set aside for disbursement to the foreign airlines through their various banks in response to the issue of $700 million trapped funds of foreign airlines.
In order to lessen the burden of future accrued money, he also urged other foreign nations to authorize Nigerian Airlines to land on their territories and fly their routes.
The Speaker of the House of Representatives, Femi Gbajabiamila, is now looking for a solution for the stranded foreign airlines.
Gbajabiamila informed the audience that the House has serious concerns over the problem of blocked or stuck cash of international airlines.
According to Gbajabiamila, the principle of reciprocity requires that Nigerian carriers be permitted to fly into nations where there is a sizable market for airlines in Nigeria.
He also urged the CBN governor to look for ways to raise foreign exchange for the airlines and agreed that letting Nigerian Airlines operate many international routes would lessen the likelihood of trapped funds in the future.