CBN tasks real sector on economic growth

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has urged industrial conglomerates in the country to support efforts aimed at growing the nation’s economy.

This followed efforts aimed at fully reopening the economy due to the lockdown over COVID-19 crisis.

He also cautioned that the CBN would not support importation of items that could be produced in the country, as the CBN could not spend foreign exchange reserves on ventures that would not boost the economy and generate jobs for Nigerians.

Speaking at a virtual meeting with Chief Executive Officers (CEOs) of conglomerates in Nigeria, Emefiele said the CBN was determined to return the nation’s economy to the period when the manufacturing and agricultural sectors formed the base of the economy.

While acknowledging the challenge of low crude oil prices to major global economies, Emefiele expressed confidence that the price of crude would not remain at low levels for a long period.

He stressed that the low crude oil prices were surmountable, declaring that Nigeria’s foreign reserves of about $37b remained robust to support the local economy.

Emefiele, therefore, enjoined the conglomerates to key into the current administration’s drive of diversifying the economy by taking advantage of its large population to market their products, which he insisted, could be produced in Nigeria and exported to the rest of the world.