CBN Governor seeks end to Nigeria’s dependence on crude oil

Chinazor Megbolu

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, is seeking an end to Nigeria’s dependence on crude oil for revenue and foreign exchange.

He disclosed this in his address during the prize presentation ceremony of the 2020 CBN Governor’s Golf Cup tournament at the weekend.

Emefiele, who was represented by the Deputy Governor for Corporate Services, CBN, Mr. Edward Adamu, noted that it is important for Nigeria to explore its other economic potentials in order to facilitate an early exit from the present recession.

He explained that sports cannot be left behind while deploying available tools to ensure the development of the country since it attracts foreign exchange.

Emefiele pointed out that the CBN is sponsoring numerous sporting events in the country,including golf because it bring about revenue and foreign exchange.

He maintained that the CBN would not stop in its stride to empower the youth, sportsmen and sportswomen as they had constantly launched Nigeria 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.

“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.

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

“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,” Emefiele said.

He further posited that the CBN’s Anchor Borrowers’ Programme (ABP) has impacted on agriculture, greatly especially on local production of various crops like rice and nine other crops, adding it has significantly contributed in cutting down rice importation in Nigeria.

Emefiele buttressed that the Commercial Agriculture Credit Scheme also recorded beneficiaries who have greatly contributed to the country’s drive for sustained food security.