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

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.”

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.

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.