Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has again warned that Nigeria’s over reliance on crude oil revenue to guarantee public exchange and foreign exchange earnings is fraught with severe consequences.
The apex Bank governor who raised the warning on Saturday in Abuja at a prize giving ceremony to highlight the end of the 2020 CBN Governor’s Golf Cup tournament said there time has come for Nigeria to immediately explore other multiple sources of revenue for public expenditure and generate foreign exchange earnings.
Emefiele who was represented by Edward Adamu, a Deputy Governor of the CBN responsible for Corporate Services maintained that Nigeria must as a matter of public urgency explore and leverage upon other economic potentials to enhance national growth and sustainable development.
According to Emefiele, this development is crucial to our national survival and it would also help fast-track the nation’s economy’s quick exit from the current economic recession.
The apex bank governor further said the CBN was encouraged to sponsor sporting activities and events as a way of empowering the youth, sportsmen and sportswomen in order to ensure these events serve as catalyst for launching Nigeria and talented sports men and women into the international sporting arena.
He said: “The Bank’s consistency in promoting the game of golf and other sports in the country has had a remarkable impact on youths and sportsmen and women generally.
“In particular, the sponsored events have continued to provide platforms for Nigerians to express themselves and launch into the international sporting sphere.
“At the CBN, we are committed to sustaining people-centered policies,” he said.
According to him, through interventions in various sectors of the economy, the Bank is able to touch lives and livelihoods; specifically, the Bank’s policies prioritise jobs, wealth creation and inclusion.
“The CBN has been in the vanguard of promoting youth empowerment not only through sporting events, but also through development finance initiatives and schemes.
“These include Youth Entrepreneurship Development Scheme, Micro Small and Medium Enterprises Development, Vocational and Entrepreneurship Development Centres .
“Others are the Agri-Business and Small and Medium Enterprises Investment Scheme and the Private Sector-led Accelerated Agricultural Credit Scheme.”
On the bank’s Anchor Borrowers’ Programme (ABP) which has multiplier effects on agriculture, Emefiele said it has impacted positively on local production of various crops, including rice and nine other crops.
“I urge Nigerians to take advantage of these initiatives to contribute to the country’s growth and development and share in her prosperity,” he added.
The one-day tournament event saw persons triumphing in various categories of the including the CBN Staff category.
