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Bankers Committee Retreat: Emefiele Stresses Commitment to Economic Diversification

By Ebere Obike

The Governor of the Central Bank of Nigeria,CBN, Mr. Godwin Emefiele has stressed the commitment of the apex bank and it’s allies to evolving innovative and sustainable ways of boosting the productive base of the country’s non-oil sector.

Emefiele expressed this at the opening of the joint annual retreat between the CBN and Bankers’ Committee.

The theme of this year’s retreat is;”Increaseing the productive base of the Nigerian Economy, Focus boosting Non-Oil Export Revenues”.

Mr. Emefiele said in order to contribute to national development and economic growth, the Bankers’ Committee must recognise the critical role of the financial system in accelerating the development of the productive base of the economy.

To that effect, he called on all stakeholders to play their productive parts to engender the necessary infrastructure and services that are critical to boos non-oil exports.

According to Emefiele, the 2022 Bankers’ Committee Retreat provides participants the opportunity to review the progress and impact of implementation of RT200.

The CBN Governor noted that the retreat is equally an occasion to re-examine the support of the Committee for other government programmes to promote non-oil export and to identify specific implementable actions by the financial system to enhance foreign exchange revenues.

“ The 2022 Bankers’ Committee Retreat provides us with the opportunity to review the progress and impact of implementation of RT200. It is equally an occasion to re-examine our support for other government programmes to promote non-oil export and to identify specific implementable actions by the financial system to enhance foreign exchange revenues”, he said.

Emefiele explained that that the RT200 is an initiative of the CBN, designed to stimulate non-oil exports with a US$200 billion foreign exchange income target in three to five years.

On how the economy faired in 2022, Mr. Emefiele pointed out that like many other countries, Nigeria’s GDP growth fell gradually from 5.03 percent in first quarter of 2021 to 3.98 percent in the fourth quarter of that year.

In 2022, he said the GDP also went down from 3.54 percent in the second quarter of the year to 2.25 percent in the third quarter.

The CBN Governor said against the backdrop of the widespread slowdown in many economies and the risk of an imminent recession, the IMF repeatedly downgraded short-term global growth prospects.

According to him nearly one-third of the world’s economies are projected to contract next year.

He decried that global inflation is gradually becoming entrenched at historic heights due to strong energy price shocks, especially in advanced economies where inflation has overshot target by over four-folds.

In his remark, Lagos State Governor, Mr. Babajide Sanwo-olu who expressed regret over several economic issues confronting nation’s of the world as a result of the Russian -Ukraine war, said his government has been dedicated to making the environment conducive for businesses to thrive.

Sanwo-olu specifically noted that Lagos State Government had intentionally partnered the private sector and would continue doing so to promote businesses.

“ For us as a government, I think is also another opportunity to see how we continue to collaborate and for you to do those exports. You know, those non oil export they are talking about the no better avenue than where are the disruptions where they logistics issues that we currently have?, he said”.

Governor Sanwo-olu also stressed the need for all and sundry to put in more efforts towards boasting food production,thereby checking the rising food inflation.

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