On Thursday, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was elected the president of the Association of African Central Banks (AACB). He was elected at the end of the 39th Ordinary Meeting of the AACB governors, which took place in the capital of Nigeria, Abuja and will be running the affairs of the association till 2017. He will also work with the governor of the Bank of Ghana as chairman of the West African sub-region; governor of the Central Bank of Mauritania, chairman of the North African sub-region; and the governor of the Bank of Central African States, chairman of the central African sub-region.
The governor of Banque de la Republique du Burundi, as chairman of the East African sub-region, and governor of the Central Bank of the Kingdom of Swaziland, as chairman of the Southern African sub-region, were also elected on the same day.
Although this appointment is a good portfolio for Nigeria, Nigerians are skeptical over whether Godwin Emefiele has what it takes to handle the affairs of the association. Since the fall in oil price started in 2014, Africa’s largest economy has been one of the hardest hit countries. The country has been struggling to save its economy as well as its currency from totally collapsing, due to its dependence on oil for 75 percent of its revenue and 90 percent of its exports. The country was also hit by China’s economic slowdown as well as the United States fed rate hikes.
In order to save the Naira from plummeting, the Central Bank of Nigeria, under the leadership of Godwin Emefiele, put stringent monetary policies in place. However, instead of these policies saving the Naira from falling, the policies, which seem like trial and error, have failed the country.
The policies have also scared foreign investors away, as well as reduced the confidence level of investors in the country. In most countries, before a policy is implemented, it would first be implemented on an economic model to give an idea of its efficiency if it is implemented.
But in the Godwin Emefiele’s CBN the reverse seems to be the case as the bank enforces new policies often and then changes them after a little while. In view of these changes in the country’s monetary policies, investors are likely not to invest in the country because the risks are too high. They also don’t want to find it difficult to repatriate their money back home.
Although on another hand, some Nigerians have blamed the issues rocking the CBN and its policies on President Muhammadu Buhari. Over time, the president has made comments which have led Nigerians to believe that the CBN, which is meant to be an independent body, was being controlled by the him. The president is trying to apply archaic policies of the 70s and 80s in the present without realising that some economic factors have changed globally and cannot be applied in the affairs of a country any longer.
Considering the fact that it is obvious that Godwin Emefiele’s leadership in the CBN is being controlled by former General Buhari it could also be right to say that Godwin Emefiele has the technical know-how to lead African Central Banks.
Here are five things you didn’t know about the CBN governor, Godwin Emefiele:
1. Godwin Emefiele, born on August 4, 1961 in Lagos State of Nigeria, is from Ika South Local Government Area of Delta State, Nigeria.
2. 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).
3. 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.
4. 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 Zennth Bank (Gambia Limited).
5. 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.
