CBN: Why We are Focusing on Agriculture, Industrial Revolution

Ibrahim Oyewale in Lokoja

The Central Bank of Nigeria (CBN) has said it is providing and will continue to provide interventions for agriculture and industrial revival of Nigeria as the two sectors amongst others remained a veritable tool towards building a robust economy for the country.

CBN’s acting Director, Corporate Affairs Communications, Mr. Nwanisobi Osita disclosed this at the weekend in Lokoja during a one-day interactive enlightenment session with stakeholders organised by the CBN in collaboration with labour unions.

Nwanisobi said the five-year policy thrust of the apex bank, which covered 2019-2024 initiated by the CBN governor will grow the real economy for the country.

He said that the policy, which centred around establishing a firm and stable microeconomic environment would pave room for low inflation, financial stability, exchange rate stability and efficient payment system.

The acting director who lamented that the country cannot continue to import items and consumables the nation has the capacity to produce, said through Anchor Borrower financial intervention of the CBN, minimum of ten commodities would be produced to make food readily available for Nigerians.

According to him, “there must be a limit to the importation of goods. We can grow tomatoes, rice, wheat, cotton and other consumable and CBN will continue to provide finance for farmers to grow those commodities and create jobs for Nigerians”.

Speaking on the revival of the nation’s economy, he said the apex bank is making concerted effort to see a double-digit economic growth where the inflation rate would be a single digit, adding that the bank would also look at issues of power, industries and the nation’s foreign reserve.

He said only positive results from the Central Bank’s intervention can help reduced the youths unemployment and underemployment of the country standing presently at a frightening 60 per cent.

Vice President of Industrial Labour Union, Comrade Issa Aremu on his own charged state governors to complement the CBN effort by making their states to investment centres rather than depending solely on a federal allocation that cannot efficiently pay civil servants salaries.

“It is time the governors should emulate the industrial evolution of our great leaders like Sir Ahmadu Bello, Dr. Nnamdi Azikiwe and Chief Obafemi Awolowo who have done a lot to established many industries in the country.

“Governors must be seen to be on duty to industrialise and create jobs for their citizens,” he said.

Aremu commended CBN for the long-term intervention in agricultural especially in rice and textile production.

The labour leader also charged security agencies in the country to be alive to their responsibility, saying no investor will come to Nigeria if the security challenges remain unsolved.

Kogi State Chairman of Nigeria Labour Congress (NLC), Mr. Onuh Edoka appealed to CBN to step up their effort in checking and monitoring of commercial banks in the area of their dealing with customers, saying their abnormal charges calls for concern.

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