CBN calls for increased investment in the non-oil sector

The Central Bank of Nigeria has called for increased investment in the non-oil sectors as a source of foreign exchange earnings.

This was disclosed by the central bank governor, Godwin Emefiele in a communique read at the recently held Monetary Policy Committee meeting.

Emefiele praised the government’s efforts to diversify the economy but called for further support to increase non-oil exports.

What the CBN governor is saying

According to Emefiele, who read the recommendations on behalf of the committee, the Committee appraised the developments in the global economy, international financial environment and the domestic economy, as well as the outlook for the rest of the year and the first quarter of 2022.

He said, “The Committee also commended the gradual diversification of the economy with the increased contribution of the non-oil sector to Government revenues and called for more support to increase non-oil exports as a source of foreign exchange earnings into the economy.”

He said advised government to prioritise investment in public infrastructure to improve the business environment. These include transportation networks, power supply, education and health. He recommended that such initiatives may be funded by forming equitable partnerships with foreign investors and Nigerians living abroad.

Emefiele explained that the apex bank’s many intervention programmes in manufacturing, agriculture, and healthcare, among other areas, had made significant contribution to the economy’s growth.

He did, however, mention COVID-19’s detrimental impact on the world economy and the need for a vigorous vaccination effort to stop the flow, especially given the virus’s introduction of new strains.