Nigeria Must Wean Itself Of Oil Dependency – Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria, says the country must find other ways to generate revenue aside from crude oil.

Speaking at the prize presentation ceremony of the 2020 CBN Governor’s Golf Cup tournament on Saturday, Emefiele said the country must end it reliance on oil as source of foreign exchange

According to NAN, Emefiele who was represented by Edward Adamu, the deputy governor for corporate services, stressed the need for the country to explore other economic prospects.

He noted that sports cannot be ignored in the bid to diversity from oil, adding that it is vital to channel available tools to the sector to ensure the development of the country since it attracts foreign exchange.

In view of the above, he said the apex bank has started sponsoring numerous sporting events in the country including golf.

He said the CBN would not pipe down in its effort to empower the youth, sportsmen and sportswomen as they had constantly launched the country and themselves into the international sporting arena.

“The bank’s consistency in promoting the game of golf and other sports in the country has had a remarkable impact on youths and sportsmen and women generally,” Emefiele said.

“In particular, the sponsored events have continued to provide platforms for Nigerians to express themselves and launch into the international sporting sphere.

“At the CBN, we are committed to sustaining people-centered policies.”

Emefiele said the bank has impacted lives and livelihoods through interventions in various sectors of the economy; specifically using its policies to prioritise jobs, wealth creation and inclusion.

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“The CBN has been in the vanguard of promoting youth empowerment not only through sporting events, but also through development finance initiatives and schemes,” he said.

“These include Youth Entrepreneurship Development Scheme, Micro Small and Medium Enterprises Development, Vocational and Entrepreneurship Development Centres .

“Others are the Agri-Business and Small and Medium Enterprises Investment Scheme and the Private Sector-led Accelerated Agricultural Credit Scheme.”

According to Emefiele, the bank’s Anchor Borrowers’ Programme (ABP) has a tremendous effect on agriculture, impacting greatly on local production of various crops, most significantly rice and nine other crops.

He noted that the ABP had significantly contributed in cutting down rice importation in the country, while the Commercial Agriculture Credit Scheme recorded considerable beneficiaries who have greatly contributed to the nation’s drive for sustained food security.

A large portion of Nigeria’s forex earnings is derived from crude oil and low oil prices caused by a supply glut and lowered demand due to the COVID-19 pandemic has affected oil revenue.