Rev. Fr. Dr. Hyacinth Alia, Governor of Benue State has solicited the support of the Central Bank of Nigeria, CBN, in streamlining the state’s economy to engender economic growth, employment, the development of vital infrastructure and technology, as well as enhance financial inclusion.
The governor made the appeal when he paid a courtesy visit on the CBN Governor, Mr Olayemi Cardoso, in Abuja.
This is contained in a Statement on Thursday by the Principal Special Assistant to the Governor on Media, Publicity and Communications Strategy, Ms Bridget Tikyaa.
He said that Benue has vast opportunities in agriculture, solid minerals, and other areas which it wanted the CBN to support the government to fully harness for local and international markets.
Governor Alia also urged the apex bank to support the state with its expertise in developing appropriate data in all the key areas of development for proper planning and strategic engagement with investors.
Gov Alia hinted the CBN Governor of the state’s newly created Bureau of Statistics aimed at enhancing the state’s statistical systems, boosting our economy through job creation and foreign exchange activities and supporting our agricultural sector.
The governor also said, “we seek your support in providing system strengthening and equipment infrastructure for the Benue State Bureau of Statistics. This support will not only benefit the Benue State Government but will also enhance the capabilities of the CBN and Nigeria at large. A well-supported statistical system ensures we have reliable data to guide our economic policies and development strategies.”
Governor Alia also reeled out other areas of support and collaboration with the CBN to boost the economy of Benue state.
These include support for the Benue State Bureau of Statistics to generate accurate data and conduct analysis.
“We seek support for initiatives such as the export of sesame seeds to China and exploring mining opportunities for export. These activities will diversify our economy, generate significant foreign exchange, and create employment opportunities for our people.
“Benue State is known for its agricultural prowess, producing crops such as soybeans, rice, cashew nuts, mangoes, oranges, sweet potatoes, yams, and others in abundance We seek your support in boosting the production of these crops. Enhancing food production will create jobs along the entire value chain, from farming to processing to distribution. Moreover, increasing the supply of these crops will help reduce food inflation, benefiting not only Benue State but also the entire country by ensuring food security.”
The governor also sought CBN’s support in implementing favourable monetary policies to stabilise the economy and control inflation.
“Providing credit facilities and special intervention funds to key sectors such as agriculture, SMEs, and infrastructure development can target the specific needs of our state, particularly in agriculture.
“Promoting financial inclusion ensures more people and businesses in Benue State have access to financial services, boosting economic activity at the grassroots level and increasing overall economic productivity.”
He also sought for the training and capacity-building programmes for financial managers and policymakers in the state to enhance their ability to manage the state economy more effectively.
The governor requested the CBN to facilitate partnership with development finance institutions to fund large-scale projects such as agricultural mechanization, industrial parks, special economic zones, and major infrastructure projects to spur economic development across the state.
Governor Alia further urged the apex bank to work with Benue State Government to develop and implement policies that improve the business environment, reduce bureaucracy, and attract domestic and foreign investments.
Other areas, he said, were in providing technical assistance and support for economic planning, budget management, and the implementation of economic reforms to strengthen the state’s economic framework.
He said there was a need to encourage the adoption of digital finance solutions and innovations to enhance efficiency, reduce costs, and broaden access to financial services across the state.
The governor appreciated the CBN for its support to the state, including the release of 60 trailers loaded with fertiliser, which was distributed to farmers to boost food production and achieve food security.
In his remarks, Cordoso commended Gov Alia for the visit and thanked him for the initiatives aimed at diversifying the economy.
“The Central Bank of Nigeria will take necessary measures to bring the nation’s rising inflation under control.
“While monetary policy has been moderating aggregate demand, rising food and energy costs continue to exert upward pressure on price development.
” The apex bank re-emphasized its commitment to the Bank’s price stability mandate and remained optimistic that despite the June 2024 uptick in headline inflation, prices are expected to moderate in the near term,” the CBN governor said.
Cordoso noted that prevailing insecurity in food producing areas and high cost of transportation of farm produce are also contributing to the rise in food inflation in the country.
He also said the increasing activities of middlemen who often finance smallholder farmers, aggregate, hoard and move farm produce across the border to neighbouring countries, has contributed to the problem of scarcity of foodstuffs across the country.
The CBN governor said there was need to check such activities in order to address the food supply deficit in Nigerian market and moderate food prices.
“We have identified these bottlenecks, and will advise, assist and highlight ways to cushion it’s effect by various interventions like the nationwide fertilizer donations, etc.
“Measures by the Federal Government to bridge the food supply deficit, especially the 150-day duty free import window for food commodities (maize, husked brown rice, wheat and cowpeas), amongst others, will moderate domestic food prices.”
The CBN governor assured the Governor that the bank would ensure credit development financial institutions :the Bank of Industry, Bank of Agriculture partner the state for more grants and loan facilities for effective growth and development in various sectors.
He assured the governor that the CBN was ready to work with the Benue state government in various areas to boost the state’s economy.