We must diversify the economy - CBN

The CBN Deputy Governor, Corporate Services Directorate, Mr. Adebayo Adelabu, has called for the diversification of the Nigerian economy.

Speaking on the topic, “Diversifying the Revenue Base of Nigerian Economy" at the investiture ceremony of the Chartered Institute of Bankers of Nigeria, CIBN, Adelabu said that the time has come for Nigeria to diversify her economy, having failed to do so when oil was above $100 a barrel.

His words ;

“The dwindling oil prices and reduction in volume of crude oil production are affecting us, with revenue nose diving, because we relied so much on crude oil. We lost the opportunity to diversify between 2009 and 2014 because we had relative stability in exchange rate, and oil prices went up as high as $110.

“We should have diversified in the period of boom. Now we don’t need anybody to teach us that we have to look at other areas of revenue. This is a challenge to everybody especially to the banking industry.

“Banks need to look at other sectors in terms of lending. Fortunately we are blessed with almost every resource on the earth. Agriculture is a sector we must focus on. We have lots and lots of solid mineral resources; and we should focus on developing them.

" Most importantly, we have to patronise local products. Every Nigerian should deemphasize consumption of imported goods, because by doing so, we are helping other countries. We should all patronise locally made goods.”