CBN emphasises diversification to Agric, manufacturing sector

The Central Bank of Nigeria (CBN) has emphasised on the need for more Nigerians to embrace the agricultural and manufacturing sectors as these represents the life wire for economic sustainability.

The Apex Bank stressed that no successful  economy thrives on promotion of imported products over the exportation of locally manufactured products.

CBN’s Director of Corporate Communications,  Osita Nwanisiobi stated this during the opening session of a fair organised by the bank in Owerri, the capital of lmo state.

Nwanisiobi, who was represented by the Deputy Director, Corporate Communications,  Sam Okogbue, stressed that the CBN has various financial intervention programmes aimed at bringing the nation out of it’s present economic challenges.

Speaking on the theme, “Promoting Financial Stability and Economic Development,” Nwanisiobi said that the CBN had rolled out interventions in the agricultural, manufacturing and other lucrative economic sectors.

He highlighted that the CBN’s Anchor Borrower’s programme is the nation’s saving grace for increased productivity and availability of rice during the heat of the COVID-19 pandemic in the country.

His words, “During the COVID-19 pandemic, rice was the most single popular component of our palliatives. This is a result of the CBN’s Anchor Borrower’s programme for rice farmers. “He however expressed astonishment  over- the dependence on importation,  which he revealed is responsible for the fall of the exchange rate of the nation’s currency.”

He described the manufacturing sector as a life wire for economic development adding that, “No successful economy thrives on promotion of imported products over the exportation of locally manufactured products.”

Speaking, Mrs Uchenna Onyene of the Currency Operations Department called on Nigerians to handle the Naira with care in line with the provisions of Section 21, Sub-section 4 of the CBN Act 2007.

She called on the  citizens to support the CBN’s cash-less policy so as to reduce risk and promote seamless   transactions and revealed that the bank is committed to ensure best practices, Innovative  payment structures   to ensure customer satisfaction.