CBN Renews Efforts To Support And Improve Nigeria’s Non-oil Sectors

, Magazine

The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, said the apex bank has renewed its commitment to support and improve the non-oil sectors (agricultural and manufacturing) of the Nigerian economy.

Godwin Emefiele

This disclosure was made by Emefiele in Abuja. He noted that the focus to support and improve the sector is clearly synced with the determination of the Federal Government to diversify the nation’s economy.

Emefiele further stressed that the support is aimed at insulating the economy from the vagaries associated with the volatility in crude oil prices.

This renewed focus by the Central bank of Nigeria to support improved growth in the agricultural and manufacturing sector in Nigeria, is clearly in line with the federal government’s determination being stressed by the President Mohammadu Buhari to diversify the base of Nigeria’s economy in a way from the reliance on crude oil so as to insulate the economy from the vagaries and shocks associated with volatility in crude oil prices.

Let me stress that we are not unmindful that our current effort and focus to make life difficult for smugglers and dumpers of the products being targeted under our intervention will be resisted by unpatriotic and recalcitrant beneficiaries of the status quo.

Smugglers and dumpers: The Central Bank Governor further disclosed that the bank, as well as the Federal Government, is aware of the resistance efforts of unpatriotic smugglers who are involved in smuggling and dumping those products being targeted and banned by the Central Bank, accentuating that the apex bank in a collaborative effort with the Federal Government, is poised to make life difficult for the recalcitrant smugglers and dumpers.