IS CURRENT CBN GOVERNOR, GODWIN EMEFIELE, FIT TO BECOME NIGERIA'S NEXT PRESIDENT ?

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OmoAlaji

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Oct 14, 2020
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Present and past governors of the Central Bank are notable and important individuals in a country. They determine whether a nations economy succeeds or fails. Their words and actions, whether direct or indirect, have the ability to influence markets and economic performance. As a result, Central Bank governors have a reputation for being conservative, cautious, and limited in what they say and do.


As a result, for a Central Bank governor to be associated, even slightly, with nurturing a presidential aspiration and with politicking while still in office is absolutely unusual, utterly beyond the pale.



That is precisely what is happening in Nigeria, a country where the rules and standards of civilised nations, as well as the ethos of good government, are ignored.


Rumours have circulated that Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, is interested in running for president in 2023, and they have recently reached a fever pitch. Hundreds of millions of naira have been spent on a proxy campaign for him by a number of individuals and parties.


They plastered campaign billboards all over the place and recently ordered tens of thousands of branded vehicles with Emefiele's image.


On March 26, Emefiele's followers flocked to the national convention of the ruling All Progressives Congress, APC, to stir up support for his presidential bid, while President Muhammadu Buhari looked on, approvingly. It's difficult to see campaign posters supporting a sitting Chairman of the US Federal Reserve's 'presidential ambition' being posted near either the Democratic or Republican national conventions.


But in Nigeria, anything is possible! Emefiele, of course, is a silent supporter of the proxy effort, savouring the attention and adoration. Despite the fact that Emefiele has not formally proclaimed his intention to run for president in 2023, he does have presidential ambitions.


"It is the prerogative of President Buhari to prepare his succession," Emefiele addressed a group named "Friends of Godwin Emefiele" in February, adding, "And considering that it is God who anoints leaders, I would leave my fate firmly in the hands of God." Of course, this isn't a blanket denial of a presidential aspiration. When someone in Nigeria denies having political ambitions but says he leaves his fate in God's hands, you know he does.

that he might be President Buhari's successor by a stroke of luck!



"My emphasis at this moment is a vigorous monetary policy and combatting inflation," Emefiele said in a statement on March 28.


Take, for example, the key economic indicators that most central banks care about: inflation, employment, interest rate, exchange rate, and economic growth.


Emefiele recently gave an unconvincing speech praising Buhari during the commissioning of the Dangote fertiliser facility. "We will strive tirelessly to safeguard your legacy and guarantee that posterity remembers you for all you have done for our country," he said.


Is it a central bank's role to safeguard a president's legacy? No, it's not the case. Rather of pandering to Buhari's idea of a managed economy, Emefiele should lead the CBN to establish a liberal and stable economy.


He was given an extraordinary second term in office. He now thinks that Buhari will appoint him to succeed him.

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Emefiele's calculation, based on political rumours, is