Emefiele: Nigeria needs to reduce its dependency on imports.

Nigeria’s Central Bank Governor, Godwin Emefiele, has stated that the nation is putting policies in place to safeguard the economy from harmful international events.

Increasing the productive basis of the Nigerian economy and non-oil export revenues was the focus of the 2022 Bankers’ Committee retreat held on Friday in Lagos, where he made this statement.

The governor of Lagos State, Babajide Sanwo-Olu, along with other bank officials, attended the retreat.

According to Emefiele, “We are seeing increased limitations on food exports due to the worldwide food and cost-of-living crises, as about 23 advanced economies, according the World Bank, have prohibited the export of 33 food commodities. Additionally, the European Union intends to impose price controls on energy from Russian suppliers in order to stop the energy crisis brought on by the conflict in Ukraine.

The majority of these actions, such as the effects of capital flow reversals and exchange rate pressures, have not only increased the vulnerabilities of EMDEs but also forcefully demonstrate the need for us to strengthen our domestic economic base, advance the goal of economic diversification, reduce our reliance on foreign goods, and insulate and immunize our economy against foreign shocks.

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He said that the CBN initiated the RT200 initiative in February 2022 with the goal of bolstering the foundations of the Nigerian economy, diversifying away from reliance on oil imports, and reducing the crippling pressures in the foreign exchange market.

The institutions that make up the Bankers’ Committee were heavily involved in and supportive of this program, which was created to encourage non-oil exports with a target of $200 billion in foreign exchange profits in three to five years, he said.