…Earmarks N500bn to boost export
Uche Usim, Uyo
For more efficient and effective economic operation, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, solicited strong policy coordination between the fiscal and monetary authorities in the country.
This is as he revealed that the CBN was currently finalising the creation of a N500 billion fund to assist manufacturers interested in non-oil exports.
He added that the collaboration with various stakeholders would also cement the growth so far achieved since Nigeria exited recession.
Emefiele stated this in his opening remarks at the 25th Seminar for Finance Correspondents and Business Editors in Uyo.
Speaking on the theme of the workshop, “Sustaining Economic Growth Beyond Recession Exit,” Emefiele explained that, “to sustain the recovery from recession, there is need for greater robust policy coordination between key aspects of economic policy making. “This coordination would assist in diversifying the economy away from oil.
“These include fiscal, monetary, exchange and trade policies, which must be targeted at protecting farmers to boost agricultural outputs, support local companies and enhance manufacturing and industrial capacities.”
The CBN boss, who was represented by his Deputy in charge of Corporate Services, Mr. Edward Lamatek Adamu, said there was need for policy makers to be vigilant so that the economy won’t slide into recession.
On what to do to fortify the economy and prevent it from sliding into recession again, he said, “the first thing we need to do is to remain vigilant. Those of us who have been entrusted with leadership and policy making responsibilities must neither become complacent nor over-confident.
“We must strive to improve and sustain the same policies that got us this far. Our import bills may have fallen but our manufacturing and agriculture sectors still have a long way to go if we may attain self-sufficiency in those sectors.
“We must not be quick to discard the restrictive measures, which aided our recovery because the metrics have improved.”
Emefiele said the apex bank would continue to fine-tune its policies and strategies based on the evolving developments in the economy.
“We will remain proactive in ensuring that the welfare of Nigerians is optimised at any point in time. The bank will continue to provide access to much needed credit to sectors with the potential to create jobs on a mass scale,” he added.
On the Anchor Borrowers’ Programme (ABP), the Governor said CBN would expand it to other crops and states. He expressed joy that many local manufacturers were reporting major boosts in their revenue and profit.
“We must not be quick to discard the restrictive measures, which aided our recovery simply because the metrics have improved. At the CBN we will continue to fine-tune our policies and strategies based on our understanding of evolving developments and supported by in-house technical analysis and simulations. We will remain proactive in ensuring that the welfare of Nigerians is optimised at any point in time,” he stated.