CBN promises to build robust economy

The Central Bank of Nigeria (CBN) has promised to build a robust economy through aggressive interventions in agriculture and industrial revival.

The CBN Governor, Godwin Emefiele, who spoke on Saturday in Lokoja, Kogi State, at a forum with stakeholders, said the five-year policy thrust of the apex bank which covers 2019-2024 would grow the economy.

Emefiele, who was represented by the Director, Corporate Communications Department of the CBN, Osita Nwanisobi, added that the policy, which is about establishing a firm and stable microeconomic environment, would pave way for low inflation, financial stability, exchange rate stability, and efficient payment system.

The CBN said the country could not continue to import items that it has the capacity to produce, noting that through its Anchor Borrower financial intervention, a minimum of 10 commodities would be produced to make food readily available for Nigerians.

“There must be a limit to the importation of goods. We can grow tomatoes, rice, wheat, cotton, and other consumables. The CBN will continue to provide finance for farmers to grow those commodities and create jobs for Nigerians,” the apex bank promised.

On the revival of the economy, Emefiele said the CBN was making a concerted effort to see a double digits economic growth, where the inflation rate would be a single digit. He said the bank would also look at issues of power, industries, and the country’s reserve.

The Vice President, Industrial Labour Union, Comrade Isah Aremu, charged governors to complement the CBN’s efforts by making their state investment centres rather than depending solely on the federal allocations that cannot be adequate to pay civil servants’ salaries.

“It is time for the governors to emulate the industrial revolution of our great leaders such as Sir Ahmadu Bello, Dr. Nnamdi Azikiwe and Chief Obafemi Awolowo who did a lot to establish many industries in the country. Governors must be seen to be on duty to industrialize and create jobs for their citizens through skills acquisition, among others’ he said.

Aremu, while commending CBN for the long-term intervention in rice and textile production, charged security agencies in the country to be alive to their responsibilities, saying no investor would come to Nigeria if the security challenges remained unsolved.

Earlier, the Chairman, Nigeria Labour Congress, Kogi State chapter, Comrade Onuh Edoka, appealed to the CBN to step up its effort at monitoring the commercial banks in the area of dealing with customers, saying “their abnormal charges calls for concern.”