‘Why we are focused on Agriculture, Industrial Revolution’ – CBN

NEWSMAN, Kogi – Central Bank of Nigeria (CBN) said it will continue to provide interventions for Agriculture and Industrial revival of Nigeria as the two sectors amongst others remained a veritable tools towards building a robust economy for the country.

At a one-day interactive enlightenment session with stakeholders organised by the Central Bank of Nigeria in collaboration with labour unions in Lokoja, it was disclosed the 5-year policy thrust of the apex bank which covered 2019-2024 initiated by the CBN Governor will grow the real economy for the country.

A statement by CBN’s Acting Director, Corporate Affairs Communications, Nwanisobi Osita, revealed that the policy which centered around establishing a firm and stable micro economic environment would pave room for low inflation, financial stability, exchange rate stability and efficient payment system.

He lamented that the country cannot continue to import items and consumables the nation has the capacity to produce, said through Anchor Borrower financial intervention of the CBN, minimum of ten commodities would be produce to make food readily available for Nigerians, today ng reported.

“There must be a limit to importation of goods. We can grow tomatoes, rice, wheat, cotton and other consumable and CBN will continue to provide finance for farmers to grow those commodities and create jobs for Nigerians”.

Speaking on the revival of the nation’s economy, Nwanisobi said the Apex bank is making concerted effort to see a double digit economic growth where the inflation rate would be single digit, adding that the bank would also looked at issues of power, industries and the nation’s foreign reserve.

He said only a positive results from the Central Bank’s intervention can help reduced the youths unemployment and underemployment of the country standing presently at a frightening 60 percent.

Vice President, Industrial Labour Union, Issa Aremu, commended CBN for the long term intervention in Agriculture expecially in rice and textile production.

 He charged State Governors to complement the CBN effort by making their states to an investment centres rather than depending solely on federal allocation that cannot efficiently pay civil servants salaries.

 “Governors must be seen to be on duty to industrialize and create jobs for their citizens”.

The labour leader said “It is time the governors should emulate the industrial evolution of our great leaders like Sir Ahmadu Bello, Dr Nnamdi Azikiwe, and Chief Obafemi Awolowo who have done a lot to established many industries in the country’’.

Aremu also charged security agencies in the country to be alive to their responsibility, saying no investor will come to Nigeria if the security challenges remain unsolved.

Kogi State Chairman of Nigeria Labour Congress, NLC, Onuh Edoka, appealed to CBN to stepup their effort in checking and monitoring of commercial banks in the area of their dealing with customers, saying their abnormal charges calls for concern.

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