Tobi Soniyi and James Emejo in Abuja
President Muhammadu Buhari has called on central banks in Africa not to rely on prescriptions from abroad but to develop home-grown solutions to the continent’s economic challenges.
Speaking at the opening of the annual meeting of the Association of African Central Banks holding in Abuja, he advised central bank governors in Africa to rather be innovative.
He said: “I urge you to continue to look for original home-grown solutions, not to rely on ‘fit for all purposes’ prescriptions handed down from abroad. The world is a dynamic place and with innovation, we can survive.”
Buhari noted that Africa was confronted with several global and domestic economic challenges.
“Most worrisome is the slowdown in growth; weakening global demand; rising inflation; restrictions in capital flows; rising debt levels; increased exchange rate volatility and depleting external reserves,” he added.