The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has outlined plans to help the Federal Government achieve a self-sufficient economy in response to the uncertainty that the pandemic portends for the country’s economy.
Mr. Emefiele said it was time for Nigeria to transform into “a modern, sophisticated and inclusive economy that is self-sufficient, rewards the hardworking, but protects the poor and vulnerable, and can compete internationally across a range of strategic sectors.”
The continued global increase in the number of COVID-19 patients has made governments to lockdown their countries to prevent the spread, an action that has affected many business hubs, interfered with supply chains and disrupted the global economy. The International Monetary Fund (IMF) in its latest world economic outlook predicted a 3% shrink in the global economy.
The stifling of global production activities due to the viral infection, triggered panic by countries, prompting them to initiate policies aimed at limiting the export of medical supplies and food.
“What if these restrictions become the new normal? What if the COVID-19 pandemic continues in a second wave or another pandemic occurs in which all borders are shut, and food imports are significantly restricted?”
“For how long shall we continue to rely on the world for anything and everything at every time?” Mr. Emefiele stated.
To achieve a self-sufficient economy, the CBN chief said the government would be supported to build infrastructure to stimulate industrial activity, encourage small and large scale producers of some staple and cash crops and create a network of factories, storages and logistics companies.
In the education sector, the bank would support the creation of an educational system that allows critical thinking and creativity while ensuring that the nation’s health system is accessible to all, “irrespective of social class.”
Mr. Emefiele said the Federal Government would be supported to make the poor and the vulnerable to have access to financial services, provide cheap and long-term credit for small, medium enterprise and large corporations while stirring
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