Leadership / Nigeria: President Muhammadu Buhari yesterday urged governors of African Central Banks to look for “original home-grown solutions” in their quest to keep the economies of their various countries afloat.
He gave this advice in Abuja during a speech he delivered at the 39th Ordinary Session of the Assembly of Governors of the Association of African Central Banks (AACB) in Abuja, being hosted by the Central Bank of Nigeria (CBN), entitled ‘Unwinding unconventional Monetary Policies: Implications For Monetary Policy and Financial Stability in Africa.’
The president acknowledged that African economies are confronted with several global and domestic economic challenges but he expressed confidence that the central governors will come up with a panacea to the challenges.
“I am confident that you will come up with practical ways by which we can chart a way forward for the growth and development of Africa.
“I urge you to continue to look for original home-grown solutions, not to rely on ‘fit-for-all-purposes’ prescriptions handed down from abroad. The world is a dynamic place and with innovation, we can survive,” he said.
Buhari also said his government was aware that economic growth cannot be brought about by just monetary policies or the acumen of the central bank governors.
“We must carefully balance monetary and fiscal policy measures,” he said, while reiterating that Nigeria is determined to diversify its economy away from oil.
“We shall also embark on export and production diversification steps, including investment in infrastructure; promotion of manufacturing through agro-based industries and expansion of regional trade. All these would involve integrating the informal economy into the mainstream and providing funds to small and medium enterprises.
“We shall also continue, with greater determination and focus, to pursue our goal of ensuring improved security for our country and its citizens, and without letting up on our fight against corruption and terrorism.
“The region is confronted with several global and domestic economic challenges. Most worrisome is the slowdown in growth, weakening global demand, rising inflation, restrictions in capital flows, rising debt levels, increased exchange rate volatility and depleting external reserves. Those of us who rely on only natural resources such as Nigeria, Angola, South Africa, and Mozambique have been hit the hardest. We have also had to contend with the effect of the Ebola Virus Disease, which struck some countries in the West African Sub-region.
“Side by side, with economic stimulus measures, we must intensify our surveillance and give guidance to the operations of our financial institutions to reverse the trend of illicit flow of funds out of Africa. We should all be serious in putting place measures aimed at ensuring that the proceeds of these illicit flows are repatriated to their countries of origin with minimal bureaucratic hitches.”
Also speaking on the side-lines of the event, CBN governor, Godwin Emefiele, said the apex bank will continue to support the efforts of the federal government in ensuring that the economy of the country is stimulated, especially the primary agriculture sector.
“Last year, over $40 billion moved out of emerging markets, and that is why you see most African countries suffering from exchange rates pressures,” Emefiele said.
At the event, which brought together major stakeholders in the financial sector, participants held in discussions on several ways of making Africa financially stable.
Participants at the event, which was headed by President Buhari himself, were the chairman, Association of African Central Banks (AACB), Lucas Abaga Nchama; vice chairman of AACB and governor of Central Bank of Nigeria, Godwin Emefiele, and chairman, Senate Committee on Banking, Insurance and other financial Institutions, Senator Rafiu Ibrahim.
Others were minister of finance, Kemi Adeosun, and Kebbi State governor, Atiku Bagudu.
FG Targets 50% Reliance On Renewable Energy By 2020- Osinbajo
The federal government has set a target to expand reliance on renewable energy to 50 per cent of its power output by 2020, according to Vice President Yemi Osinbajo.
Speaking yesterday at the Presidential Villa, Abuja, while receiving a delegation led by the Indian High Commissioner in Nigeria, Mr B. Nagabhushana Reddy, Professor Osinbajo said, “We are doing some expandable work in solar energy adding about 1,000MW of solar. We are looking at 50 pre cent reliance on renewable energy sources by 2020.”
Declaring that the Buhari presidency is determined to improve access to electricity “for our people,” the vice president, in a statement by his spokesman, Laolu Akande, added that solar is one of the options being actively considered.
Welcoming the Indian High Commissioner who recently resumed in Nigeria, he said he had resumed work in Nigeria at a time of “incredible opportunity.” He welcomed the $100m credit facility from India to be injected into the Nigeria economy, especially in the power sector, and called for more active engagement between both countries.
Osinbajo added that opportunities exist in agriculture and technology for Nigeria and India to cooperate, adding that diplomatic and economic relations between both countries had been “extremely good.”
Earlier, the Indian High Commissioner had said his country supports the plan of the Buhari administration to “make the Nigerian economy strong.” He also welcomed the recently launched “Green Alternative,” the agricultural road map of the federal government, saying India has a keen interest in expanding domestic agric production in Nigeria and also in making quality agric products for exportation.
