Emefiele Says Diversification Of The Economy Is Only Way Out Of Recession

Nigerians have been asked to refocus the nation’s priorities by diversifying the economy into other areas such as agriculture, mineral resources and tourism among others rather than crude oil as a way of repositioning the dwindling economy.

The Central Bank Governor, Mr Godwin Emefiele, in his lecture at the National Institute for Policy and Strategic Studies on Friday, told participants that the impetus to strengthen institutional mechanism for poverty reduction and inclusive development could only be achieved with citizen’s reorientation.

Nigerians must depend less on foreign goods and look inward rather than being an importing nation, he stressed.

Mr Emefiele was the guest lecturer at the Senior Executive Course organised for 38 participants at the National Institute for Policy and Strategic Studies, Kuru in Jos, Plateau State.

He addressed the participants on different issues bordering on the economic situation that has been bothering Nigerians especially on the role of the apex bank in finding solutions to the economy that has glided into recession.

Looking at the dilemma of policy making amidst complicated and competing choices in revamping the economy, the Central Bank Governor did not mince words while speaking on the title, ‘managing monetary policy in turbulent times’.

He called for diversification of the economy away from crude oil to other sectors, including agriculture which was the mainstay of the nation’s economy before the discovery of the black gold.

Attracting investors into the country, as explained by the banker, is the introduction of the flexible exchange rate which is to protect the foreign reserve and act as a measure to stabilise the economy.

With the Central Bank Governor’s conviction that diversifying the economy from overdependence on crude oil into other areas, particularly agriculture, is the way out of recession, the impetus to achieve this objective should be vigorously and diligently applied and monitored so that the dividends will be enjoyed by Nigerians.