By Odili Christel
The Nigerian Central Bank, CBN has said that the key to rejuvenating the country’s economy remains huge
non-oil sector financing.
The Governor of CBN, Mr. Godwin Emefiele represented at the 22nd edition of the Finance Correspondents and Business Editors Seminar, held at Abakaliki, Ebonyi State by the Director, Monetary Policy Department, Mr. Moses Tule, addressing the theme: “Financing Nigeria’s Non-Oil Sector for Sustainable Economic Development”, said that the only assured way out of Nigeria’s recession is to invest in agriculture, mining and manufacturing.
Emefiele noted that non-oil sector financing would boost export and encourage both formal and non-formal aspects of the economy to generate jobs.
He advised that the new thinking in the current administration would help Nigeria, as a developing nation, to mitigate the challenges of macro-economic growth and monetary stability.
Mr. Emefiele justified the injection of a #220billion facility by the CBN for Micro, Small and Medium Enterprises (MSMEs) for the expansion of the country’s production base as a necessary policy direction in the face of the country’s trying situation.
While urging journalists to ensure objective reportage of the nation’s economy he urged the participants to endeavor to be conscious of the fact that foreign investors form their perception about the economy based on media contents.
Also in an opening remark, the Acting Director for the Corporate Communication Department (CCD), Central Bank of Nigeria (CBN) Mr. Isaac Okorafor said that the essence of the Finance Correspondents and Business Editors (FICAN) Seminar was aimed at creating understanding of the Bank’s policies and programmes in order to enable the media to report economic issues efficiently and effectively.
The Acting Director also said another aim of the seminar was for interaction at interpersonal level and make the bonds of friendship stronger. He said despite the challenges being faced by the Nation’s economy, FICAN members have remained resolute and maintained objectivity in its reportage of the economy.
Mr. Okorafor urged them to continue to display a high sense of patriotism in ensuring that their reportage helps build the economy.
Earlier in her welcome remarks, the Branch Comptroller, CBN, Abakaliki, Mrs. Obiekwe Obiageli noted that the CBN in Abakaliki is effectively providing all the resources to ensure that the state contributes to a prosperous non-oil sector for sustainable economic development of the federating states.
According to her, “the branch as the face of CBN in the state, the link between the Bank and important stakeholders in the state is sustaining increased internal and external collaboration, engagement and coordination to ensure central banking services are delivered excellently and efficiently “.
Dignitaries present at the occasion include the Ebonyi State Commissioner for Justice and Attorney General, Hon. Augustine Nwankwagu and other CBN executives.