“Harsh Reality Is That Nigeria Is Left With No Choice But To Diversify Away From Oil” CBN Gov Godwin Emefiele Gives Solemn Verdict

Governor of the Central Bank of Nigeria, Godwin Emefiele has given a solemn verdict on the state of the economy against plummeting oil price.

According to details available

Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), yesterday reiterated the need for the Federal Government to diversify its economic dependence from oil to the non-oil sectors. Godwin Emefiele
He said this at the opening of the 21st Seminar for Finance Correspondents and Business Editors in Ibadan.

“The rate of oil today at below $35 underscores the harsh reality that Nigeria is left with no choice but to diversify our economy away from oil, and into agriculture, manufacturing, services and non-oil sectors,’’ he said.

Emefiele said the dwindling oil revenue provides the nation a painful but indispensable opportunity to look inwards in a bid to trigger economic growth.

He urged Nigerians to begin to appreciate locally manufactured goods such as fabrics, saying that patronising such goods would make local industries thrive and boost economy.

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