GOVERNOR of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reiterated that manufacturers and managers urgently need to use local raw materials to increase domestic production.

In his keynote address at the seminar for financial correspondents and business editors on Saturday, August 27, 2022, Emefiele said that the bank’s new 100 for 100 production and productivity (PPP) policy, which aims to increase local resources in Nigeria’s domestic production, as well as exports through “our intentional credits and other support, will soon begin to yield quality results.”

In fact, he said the RT200 FX initiative, which is designed to capitalize on Nigeria’s large domestic output in other regional markets, aims to increase foreign exchange inflows into the economy and support exchange rate stability.

In addition, Emefiele said ongoing work at the Dangote refinery, when fully completed, would halt fuel imports, much as seen in the cement, sugar and fertilizer markets.

In his view, this special seminar, organized by the Central Bank of Nigeria, on the theme of “Policy Options for Economic Diversification: Thinking Outside the Crude Oil Box,” is timely in “our quest and determination to tell the stories of monopoly dependency.” -product oil-led economy, towards building a broad and well-diversified economy that ensures overall macroeconomic stability.”

Emefiele added that the drive to build a more advanced economy anchored in agriculture, SMEs, industry and manufacturing has become the main component of monetary policy.

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“Nigeria has been largely dependent on the oil sector for revenue generation over the past four decades and the ongoing decline in crude oil production has continued to negatively undermine the performance of the economy. So there is an urgent need for a conscientious effort to diversify into other non-oil sectors.

“As I’ve said many times, it’s important that we work to create an economy that allows us to feed ourselves, create jobs for our teeming youth and improve the living standards of our people. With our population growing at more than three percent a year for the past seven years, against less than steady growth in production since 2019, special attention must be paid to expanding production and the industrial capacity of the economy to overall macroeconomic stability.” stated.

The CBN under Emefiele has made great strides in diversifying the economy away from the largely oil-based economy through its numerous interventions.

His words: “We have supported non-oil sectors such as agriculture, manufacturing, healthcare, education, energy and aviation and other related economic value chains.

“You may recall that our flagship Anchor Borrowers’ Program (ABP), which heralded Nigeria’s recent rice revolution, has changed Nigeria’s long-standing reliance on imported rice, as the country not only depends on domestic production, but we are has now become a rice revolution. exporting country.

“The Commercial Agriculture Credit Scheme (CACS) is an important special purpose tool to support commercial farmers in the country across various value chains, including oil palm, cotton, cocoa, and others.

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“Our continued support to the manufacturing sector and MSMEs has yielded great results as the implementation of 44 items not valid for FX for import has been revealed. Let me use this medium to inform you once again that our intervention in the health sector has begun to reduce the health tourism sought outside the country, helping to conserve our foreign exchange and improve our well-being.”

According to the National Policy and Strategy for the Digital Economy (2020-2030), the industry stands ready to accelerate private sector-led efforts to build a nation where digital innovation and entrepreneurship are used to bring value and prosperity to create everyone, the governor further noted.

As a result, the Nigerian payment ecosystem has vastly improved over the years.

To consolidate its efforts to build a digital economy, Emefiele said, the Bank has deployed the eNaira, Africa’s first central bank digital currency (CBDC), in preparation for the payments landscape of the future, given the potential benefits that a digital economy would bring. .

With the evolution of offline payment channels such as agent networks, USSD, wearables, cards and Near Field Communication technology, the eNaira would provide access to financial services to underserved and unbanked segments of the population.

The eNaira platform also provides an innovative layer for products and services to be built with the aim of increasing the participation of Nigerians in the digital economy and fostering the further development of a nascent Fintech ecosystem.

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In his paper presentation, Dr. Biodun Adedipe, the Chief Executive Officer, B. Adedipe & Associates, that no country can develop with its borders wide open.

According to him, Nigeria and Nigerians should make a deliberate effort through homegrown policies to produce what the citizens need and use what is produced in the country.

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