Interventions in the non-oil sector to keep the economy afloat – Emefiele

The Central Bank of Nigeria (CBN) said the bank’s various interventions in the non-oil sector complement the federal government’s efforts in economic diversification and keep the economy afloat.

CBN Governor Mr. Godwin Emefiele said so this weekend during a seminar organized by CBN for journalists in Abuja titled “Policy Options for Economic Diversification: Thinking Outside the Crude Box “.

According to Emefiele, “Nigeria has relied heavily on the oil sector for revenue generation over the past four decades, and the sustained decline in crude oil production has continued to adversely affect the performance of the economy.

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

Emefiele, represented by the director of the corporate communications department, Osita Nwanisobi, said the apex bank had supported non-oil sectors such as agriculture, manufacturing, health, education, electricity and l aviation and other related economic value chains.

He said Nigeria had become a rice-exporting country as the bank’s flagship Anchor Borrower Program (ABP) had changed the long-standing reliance on imported rice.

Emefiele also said the new 100 percent policy on production and productivity is starting to yield quality results.

On digitization, Emefiele said, “To consolidate its efforts towards engendering a digital economy, the bank has rolled out eNaira, Africa’s first Central Bank Digital Currency (CBDC) in preparation for the landscape of payments of the future, given the potential benefits for a digital economy.

An economist, Professor Uche Uwaleke has urged tax authorities to do better to complement the CBN’s efforts to boost export growth.

“There should be a law that will compel all ministries and government agencies to buy made in Nigeria products, not just decrees,” Uwaleke said.

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

The President of the Manufacturers Association of Nigeria (MAN), Dr. Mansur Ahmed, has called for more synergy between monetary and fiscal authorities to identify challenges and opportunities in the non-oil sector to enhance growth.

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