By Chinwendu Obienyi
The Governor, Central Bank of Nigeria, Godwin Emefiele, has said the Federal Government in collaboration with the Bankers’ Committee has mapped out measures to boost the productive base of Nigeria’s non-oil sector as well as protecting the economy against exogenous shocks.
Emefiele gave the assurance at the 2022 Bankers’ Committee retreat held in Lagos recently with the theme, ‘Increasing the productive base of the Nigerian economy and non-oil export revenues’.
The retreat was attended by the Lagos State Governor, Babajide Sanwo-Olu, and other bank executives.
Emefiele said, “In view of the widespread food and cost-of-living crises, we are seeing growing restrictions on food exports as about 23 advanced economies, according to the World Bank, ban the export of 33 food items. Also, the European Union plans to impose energy price caps on Russian supplies, to curtail the energy crisis caused by the war in Ukraine.
Most of these actions, including the effects of capital flow reversals and exchange rate pressures, have not only amplified the vulnerabilities of EMDEs, but assertively highlights the need for us to strengthen our domestic economic base, fast-track the attainment of economic diversification, limit our reliance on foreign products, insulate and immunise our economy against foreign shocks.”
He said it was in view of the need to support the fundamentals of the Nigerian economy, diversify from dependence on oil inflows, and minimise the debilitating pressures in the foreign exchange market that the CBN launched the RT200 programme in February 2022.
According to him, all hands must be on deck to engender the necessary infrastructure and services that are critical to boost non-oil exports.
Also speaking, Lagos State Governor, Babjide Sanwo-Olu, commended Emefiele for providing the enabling environment for exporters in Nigeria, adding the that the Lagos Government will continue to collaborate with the CBN as well as the private sector to build a sustainable, resilient Lagos economy.