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Emefiele decries Nigeria’s over-reliance on crude oil

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Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has decried Nigeria’s over-reliance on crude oil for government revenue, even as he expressed concern that economic saboteurs are bent on frustrating the policies of the present administration.

This comes as he dismissed media reports that Nigeria has multiple exchange rates.

Emefiele stated this on Wednesday in Abuja during his screening for reappointment as CBN Governor for a second term by the Senate Committee on Banking, Insurance and other Financial Institutions.

He said: “Part of the problem that we have seen in Nigeria is lack of respect for the policies of this country. Nigeria is very good at putting in place policies that are sound and workable. But implementation has always been almost zero. And it is arising because we see sabotage activities. We see people when policies are made, where they pick up the pieces of paper about the policy, what they think about is how do we circumvent this policy?

“The Central Bank of Nigeria, if given this mandate, will push very hard to ensure that those who seek to undermine the policies of Nigeria without respecting the laws of this country will be brought to book under any circumstances. And that is why I said please pray for us because the road ahead is still rough.”

According to the apex bank boss, price of palm oil in the international market is more expensive than that of crude oil.

He disclosed that the CBN has disbursed over N190 billion to more than 1 million farmers in the country.

Details shortly…

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