Business
By Kennedy Nnamani
GODWIN Emefiele, Governor of the Central Bank of Nigeria, CBN, has harped on the need for the diversification of the Nigerian Economy.
Presenting a keynote address at the 33rd seminar organised by the CBN for Finance Correspondents and Business Editors, Emefiele said that there was no gain saying that the world has been facing severe shocks since 2019 due to COVID-19 pandemic and the Russian-Ukraine war.
While highlighting the theme of the seminar, which was “Policy Options for Economic Diversification: Thinking Outside the Crude Oil-Box”, the governor noted that “this theme is not only appropriate, but quite timely in our quest and resolve to change the narratives of depending on a mono-product oil-led economy, towards building a broad-based and well diversified economy that guarantees overall macroeconomic stability.
The CBN Governor, who was represented by Osita Nwanisobi, director of Corporate Communication Department, CCD, of the CBN, explained that the dislocations of the supply chain across the globe which has caused an increase in commodities, energy and food prices as well as the oil price which has been hovering above $100 per barrel over the past few months as a result of economic sanctions meted on Russia has become a major drag to many industrialized economies of the world.
He therefore stated that it is for this trend that the CBN is seeking for various means to diversify the Nigerian economy through various programmes, which it has initiated.
“Therefore, the quest for building a more sophisticated economy anchored on agriculture, MSMEs, industrial and manufacturing concerns have become the major component of our monetary policy. Thus, there is the urgent need for a conscientious effort to diversify to other non-oil sectors,” he said.
Some of these projects, which the apex bank has embarked on include the flagship Anchor Borrowers’ Programme, ABP, that heralded recent rice revolution in Nigeria, the Commercial Agriculture Credit Scheme, CACS, a major special purpose vehicle to support commercial farmers in the country in different value chains, including oil palm, cotton, cocoa, among others, the new 100 for 100 Policy on Production and Productivity, PPP, the RT200 FX programme among others.
KN
Tags: CBN Covid-19 Godwin Emefiele Kennedy Nnamani
