- The Apex bank’s Governor stressed the need to take actions that would wean the economy from excessive reliance on crude earnings for survival. “This means that we must strengthen our efforts over the coming years to stimulate growth and create jobs in critical sectors of our economy that will help insulate our economy from shocks in the global economy.
The event which was hosted by the Central Bank of Nigeria on Wednesday at the CBN headquarters, Abuja was themed ‘Going For Growth 2.0’.
Business tycoons, Nigerian Ministers, experts, economists and stakeholders and private sector operators gathered to discuss and express their views as well as provide suggestions on the way forward in ensuring economic and infrastructural development.
The latest data released by the National Bureau of Statistics showed that GDP growth rate slowed to 2.1 percent in the first quarter of 2019, compared to the 2.38 per cent recorded in the fourth quarter of 2018.
This is just as the level of poverty and unemployment have risen sharply in the past few years, with population growth also outstripping GDP growth.
In his remark, the Governor of CBN, Godwin Emefiele warned that rising volatility in the crude oil market occasioned by the rapid increase in the supply of shale oil by the United States, which has seen its production rise from nine million barrels per day in 2017 to over 12 million barrels per day today, also portends great risk to Nigeria’s growth trajectory.
The Apex bank’s Governor stressed the need to take actions that would wean the economy from excessive reliance on crude earnings for survival.
“This means that we must strengthen our efforts over the coming years to stimulate growth and create jobs in critical sectors of our economy that will help insulate our economy from shocks in the global economy.
Alhaji Aliko Dangote while addressing participants at the event called for more seriousness in handling diversification of Nigeria’s economy.
“Diversification of this economy is very important. Since I got to Lagos in 1979, people have been talking about diversification of Nigeria’s economy.
He lamented that diversification of Nigeria’s economy seems to be elusive.
“I think we really need this time around, be more serious so that we don’t just keep talking about diversification. It is possible but people are not really focusing on it.
“We need to find a solution as to how to make our country to be producing things that we consume,” Dangote said.
Also at the event, the Minister of Transportation, Rotimi Amaechi explained how the Coronavirus outbreak is affecting the speedy completion of Lagos-Ibadan expressway.
Amaechi said the project would have been completed in May but might not be feasible anymore because the contractors handling the project are employees of the China Civil Engineering Construction Corporation (CCECC).
“Lagos-Ibadan would have been ready in May. Unfortunately, nearly all of them that went for the Chinese New Year were quarantined by their government. Their government said they cannot come back until they find a solution to the Coronavirus.
“It is only those who didn’t travel that are here and therefore the speed of the construction has reduced,” Amaechi said.
Business tycoons including Tony Elumelu, Ibukun Awosika, Jim Ovia, Aliko Dangote and the General Managing Director of NNPC, Mele Kyari as well as Nigerian Minister’s Rotimi Amaechi, Transportation; Babatunde Fashola, Works and Housing; Zainab Ahmed, Finance were also at the event.
