Governor of the the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has called on Nigerians to reduce their dependency on foreign markets and become self-sufficient.
Emefiele who made the call at the 9th annual banking and finance conference organized by the Chartered Institute of Bankers of Nigeria (CIBN), with the theme, “Financial Service Industry Agenda for a New Nigeria” explained that with the dwindling national income due to the challenges emanating from the sharp decline in crude oil prices, end of Quantitative Easing Programme of US Fed and heightened geographical tensions in parts of the world provide opportunity for Nigeria to re- structure, re-invent and restrategise in order to diversify the economy.
According to him, to achieve self-sufficiency goal and boost domestic productivity, it is imperative that the industry re-orient itself by supporting strategic development sectors and infrastructural projects.
He warned Nigerians not to sacrifice long term national development for short term profits.
Giving instance on how the advance economies’ financial industry deliberately supported development and productive sectors using ‘direct methods’ of intervention,’ Emefiele noted, “Our financial industry can be reoriented to support the rapid development and industrialisation of the Nigerian economy.”
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