Non-Oil Sector Interventions Help Diversify Economy – Emefiele

The Central Bank of Nigeria (CBN) says its various interventions in the non-oil sector have complemented the federal government’s efforts to diversify the economy.

Governor of CBN, Mr Godwin Emefiele, stated this at the weekend at a seminar organised by CBN for journalists in Abuja tagged, ‘Policy Options for Economic Diversification: Thinking Outside the Crude Oil-Box.’

According to Emefiele, “Nigeria has largely depended on the oil sector for revenue generation over the past four decades, and the sustained decline in crude oil production has continued to negatively undermine the performance of the economy.

“Thus, there is the urgent need for a conscientious effort to diversify to other non-oil sectors,” Emefiele said.

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Emefiele, represented by the Director, Corporate Communications Department, Osita Nwanisobi, said the apex bank had supported non-oil sectors such as agriculture, manufacturing, healthcare, education, power and aviation and other allied economic value chains.

He said Nigeria had become a rice exporting country as the banks’ flagship Anchor Borrowers Programme (ABP) had changed the long-standing dependence on imported rice.

Emefiele also said the new 100 for 100 Policy on Production and Productivity, was beginning to yield quality results.

On digitisation, Emefiele noted, “To consolidate its efforts toward engendering a digital economy, the bank deployed the eNaira, Africa’s first Central Bank Digital Currency (CBDC) in preparation for the payment landscape of the future, given the potential benefits that will accrue to a digital economy.”

An economist, Prof. Uche Uwaleke urged the fiscal authorities to do better in complementing the efforts of the CBN in driving export growth.

“There should be a law that will mandate all ministries and agencies of government to purchase made in Nigeria goods not only executive orders,” said Uwaleke.

He called for the revival of industries including vehicle plants to boost exports and ease the pressure on exports.

Additional, the president of the Manufacturers Association of Nigeria (MAN), Dr Mansur Ahmed, called for more synergy between monetary and fiscal authorities to identify challenges and prospects of the non-oil sector with a view to improving growth.