The Central Bank of Nigeria (CBN) says it is leading the drive towards diversifying the nation’s economy away from oil through its numerous interventions.
Mr Godwin Emefiele, Governor of CBN, said this at the 33rd Seminar organised by CBN for the Finance Correspondents and Business Editors on Saturday in Lagos.
The conference, which held simultaneously in Lagos and Abuja, had, “Policy Options for Economic Diversification: Thinking Outside the Crude Oil-Box,” as its theme.
Emefiele said the quest for building a robust economy had remained the major component of the monetary policy.
According to him, Nigeria has largely depended on the oil sector for revenue generation over the past four decades.
He, therefore, said there was need to build a broad based and well diversified economy that would guarantee overall macro economic stability.
“The quest for building a more sophisticated economy and agricultural, micro, small, and medium enterprises, industrial and manufacturing concerns have become the major component of our monetary policy.
“Nigeria has largely depended on the oil sector for revenue generation over the past four decades, and the sustained decline in crude oil production has continued to negatively undermine the performance of the economy.
“Thus, there is the urgent need for a conscientious effort to diversify to other non-oil sectors,” Emefiele said.
Emefiele, represented by the Director, Corporate Communication Department, Osita Nwanisobi, said the apex bank had supported non-oil sectors such as agriculture, manufacturing, healthcare, education, power and aviation and other allied economic value chains.
