CBN Urges Nigerians to Harness other Economic Potentials to Grow Economy

Central Bank of Nigeria has urged Nigerians to harness the nation’s other economic potentials to enhance growth.

The Apex Bank Governor, Godwin Emefiele who was represented by CBN’s Assistant Director, Corporate Communication, Sam Okogbue said it has become even more imperative to facilitate the early exit of the economy from the current recession.

According to him, this has become even more imperative to facilitate the early exit of the economy from the current recession.

He state that Nigeria must return to the golden era age when the country produced goods and services to grow the economy.

Emefiele said the only way for the naira to catch up with other foreign currencies as was in the past was for Nigerians to depend less on the consumption of foreign goods.

While reiterating the need for the country to discontinue heavy dependence on crude oil to guarantee public revenue and foreign exchange, the Apex Bank Governor made this statement at the one-day North-West Zonal Stakeholders’ Interactive Enlightenment Session with the apex bank on its five-year policy thrust.

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Emefiele said the apex bank took some measures to discourage foreign consumption of goods by Nigerians, insisting that Nigeria must learn to be a producing nation rather than a consuming one.

The CBN governor said, “What we are saying is that Nigerians should go back to production and that we should also abridge our insatiable taste for foreign goods so that we can stabilise our exchange rates.

“In Nigeria, we don’t produce much. I come from East, most of our fathers were trained, institutions were built with palm oil. The University of Nigeria, Nnsuka was a product of palm kernel and palm oil. Can we do so now?

“It is not only to express an emotive passion about the fact that naira is worthless vis-à-vis other currencies but it is also a moment for sober reflection that are we really producing anything? The answer is no.

“Nigerians should moderate their consumption of foreign goods. If we do so, it will help the government to stabilise the economy. The more lasting economic sustainable measure is to produce what we eat.”