Emefiele: Nigeria must end dependence on crude oil

Godwin Emefiele, governor of the Central Bank of Nigeria, says the country must end its dependence on crude oil for revenue and foreign exchange.

Emefiele was speaking at the prize presentation ceremony of the 2020 CBN Governor’s Golf Cup tournament on Saturday.

NAN reports that he was represented by Edward Adamu, the deputy governor for corporate services.

The governor explained that it is important for the country to explore its other economic potentials to facilitate an early exit from the current recession.

According to him, sports cannot be left behind while deploying available tools to ensure the development of the country since it attracts foreign exchange.

This, he said, had propelled the CBN into sponsoring numerous sporting events in the country including golf.

He said that the apex bank would not relent 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.

“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.