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CBN Asks Buhari Govt To Increase Investment In Non-oil Sector

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The Central Bank of Nigeria has advised the Muhammadu Buhari-led federal government to increase investment in the non-oil sectors as a source of foreign exchange earnings.

Naija News reports this was disclosed by the CBN governor, Godwin Emefiele, while reading a communique at the Monetary Policy Committee meeting.

While commended the federal government’s effort to diversify the economy, Emefiele called for further support to increase non-oil exports.

He said, “The Committee also commended the gradual diversification of the economy with the increased contribution of the non-oil sector to Government revenues and called for more support to increase non-oil exports as a source of foreign exchange earnings into the economy.”

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The CBN governor urged the present administration to prioritise investment in public infrastructure to improve the business environment.

He said: “These include transportation networks, power supply, education and health.”

Speaking further, the Delta-born financial expert recommended that such initiatives may be funded by forming equitable partnerships with foreign investors and Nigerians living abroad.

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Emefiele explained that the apex bank’s many intervention programmes in manufacturing, agriculture, and healthcare, among other areas, had made significant contribution to the economy’s growth.

He did, however, mention COVID-19’s detrimental impact on the world economy and the need for a vigorous vaccination effort to stop the flow, especially given the virus’s introduction of new strains.