The Governor of the Central bank of Nigeria (CBN), Mr Godwin Emefiele, has said that there was no need to panic over global slow growth.
In a keynote address at the African Economic Congress (AEC), in Abuja, yesterday, he said that what was necessary was well-thought policy measures to cushion the effects of the development.
“Let me state categorically that while we should not trivialize the global headwinds, there is no cause for panic.
“What the continent requires is strong policy coordination and cooperation targeted at more sustainable approaches to economic management to support domestic production, investment and diversify the continent’s economies away from over-reliance on commodity exports,” Mr Emefiele told the gathering of African economic and policy experts at the event.
The CBN boss urged African countries to “commit to doing all it takes to ensure that Africa remains resilient within a dynamic global economic environment and drives for an inclusive, sustainable growth trajectory that guarantees economic prosperity for all on this great Continent.”
According to him, Nigeria has taken clear steps to mitigate the effects of global growth by diversifying the economy from its dependence on oil, which prices often fall or rise according to the vagaries of the global economy.
“On the whole, Nigeria remains resilient with a positive outlook despite rising global uncertainties,” the CBN boss said.
Mr Emefiele disclosed that the Anchor Borrowers Programme, the arrow-point of a new focus on agriculture in 2015 has generated about 2. 5 million jobs in the country.
His words, “It has also supported the creation of over 2.5m jobs across the agricultural value chain,” while combining monetary policy measures that have substantially reduced the nation’s import bills.
According to Emefiele, various monetary and fiscal policies have resulted in raising the foreign exchange to about $42 billion dollars and a stable exchange rate.