Nigeria Must Build Well-Diversified Economy To Boost Revenue Generation

Nigeria must have a broad-based, well-diversified economy, according to the Central Bank of Nigeria (CBN), in order to ensure general macroeconomic stability.

Apex Bank Governor Godwin Emefiele made this statement on Saturday in Lagos at a seminar the apex bank hosted for financial reporters and business editors.

The goal of constructing a strong economy has continued to be the main focus of monetary policy, according to Emefiele, who was speaking through Osita Nwanisobi, director of corporate relations at the Central Bank of Nigeria.

“The quest for building a more sophisticated economy and agricultural; micro, small, and medium enterprises (MSMEs); industrial and manufacturing concerns have become the major component of our monetary policy,” he said.

“Nigeria has largely depended on the oil sector for revenue generation over the past four decades, and the sustained decline in crude oil production has continued to negatively undermine the performance of the economy.

“Thus, there is the urgent need for a conscientious effort to diversify to other non-oil sectors.”

The CBN governor said the apex bank had supported non-oil sectors such as agriculture, manufacturing, healthcare, education, power and aviation and other allied economic value chains.