AMID FLUCTUATIONS IN OIL PRICES, CBN FOCUSED ON DIVERSIFING THE ECONOMY

The Central Bank of Nigeria (CBN) has said that it is focusing on diversifying the country’s economy to avoid problems caused by global oil price changes. Dr Godwin Emefiele, the Governor of the Central Bank of Nigeria, announced this in Asaba during the commencement of a two-day CBN Fair for Delta stakeholders. The CBN believes that Nigeria’s non-oil sector’s success will assist in reducing Nigerians’ sensitivity to oil price swings.

What the CBN governor is saying

Emefiele who was represented by Mr Osita Nwanisoba, CBN’s Director of Corporate Communications, stated that the CBN’s multiple intervention programs were aimed at diversifying the economy away from oil.

He said, “What the CBN is doing is to diversify the economic base of this country. We are saying that there are so many and so much that we can do. We have agriculture, we have manufacturing etc; so, why can’t we deal with these things so that we will be able to produce what we eat and eat what we produce? He added that growth in the non-oil sector could help the apex bank with its Forex challenges. “These are sectors that will grow the economy, create jobs, ensure that there is export so that we will be able to moderate our exchange rate and earn even more foreign exchange.”

He explained that the purpose of the event was to educate citizens about the CBN’s interventions and how they might use them to become entrepreneurs, particularly graduates. Mr Godwin Okafor, the CBN’s Asaba branch controller, outlined some of the interventions in his welcome address, including Real Sector Financing and Interventions, Payment Systems Initiatives, Consumer Protection, Clean Naira Note Policy, Financial Inclusion, Consumer Rights, TIES, and 100 for 100.

https://nairametrics.com/2022/02/18/amid-fluctuations-of-oil-price-cbn-focus-on-diversifing-the-economy/

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