Nigeria’s MPC retains Interest Rate at 14% to drive economic stability, investor confidence

Date:

Nigeria’s central bank kept its main interest rate at 14 percent on Tuesday, delaying a cut expected by some economists on the back of slowing inflation rates.

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“The objective of the policy stance will be to accelerate the reduction in the rate of inflation to single digits, promote economic stability, boost investor confidence and promote foreign capital flows,” bank governor Godwin Emefiele said.

However, Nigeria climbed out of recession last year and inflation has steadily decelerated, though that has largely been due to a recovery in crude production and a rebound in global oil prices.

On Monday, Nigerian statistics office data showed economic growth slowed in the first quarter of 2018, the first time since the country pulled out of recession last year.

That comes as President Muhammadu Buhari, elected in 2015 partly on promises to restore the Nigerian economy, seeks a second term in the February 2019 vote.

The central bank governor said one reason rates were held was that inflation, still above the central bank’s single-digit target, could worsen again after an influx of cash from the implementation of Nigeria’s much-delayed 2018 budget.

Similarly, heavy spending during election season could also spark a jump in inflation, Emefiele said.

Last week, the statistics office said inflation in April stood at 12.48 percent, its 15th monthly decline.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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