The Central Bank of Nigeria (CBN),says the positive outcomes of the various interventions in the real sectors of the economy have justified the approach.
The CBN Governor, Mr. Godwin Emefiele, disclosed this at the opening of the 32nd seminar for Finance Correspondents and Business Editors, in Akure, on Thursday.
He said: “Being a developing economy, our approach to monetary policy must incorporate context. We do this by innovating around the use of available instruments.We understand that monetary policy must coordinate well with fiscal policy towards addressing the numerous developmental challenges our nation faces.
“Fortunately, the enabling statute envisages this and empowers us to intervene where and when necessary. Under my watch, the Bank has done this through various development finance initiatives.And with the benefit of hindsight now, we can safely say that the outcomes have so far justified our approach.”
Meanwhile,the CBN governor has said that Nigeria has improved its fertiliser blending plants by at least 41 since President Muhammadu Buhari assumed office in 2015.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Tuesday at the commissioning of the Dangote Fertiliser Plant in Lagos.
He attributed the feat to the effort of the nation’s top fertiliser team set up by the President in a bid to ensure food sufficiency in the country.
“Prior to Mr President assuming office in 2015, Nigeria imported virtually all its fertiliser products to support its agricultural sector,” the CBN chief informed the audience at the event. “In response to this situation, Mr President inaugurated the Presidential Fertiliser Initiative chaired by the Governor of Jigawa State, (Abubakar) Badaru, and checked with us to resolve this fertiliser shortage problem.
“I am delighted to note that their work and the continued support of Mr President has resulted in a significant increase in our nation’s blending capacity from seven plants in 2015, to over 48 active fertiliser blending plants today.”
President Buhari inaugurated the multi-billion dollar facility at an event well attended by many political, traditional, and religious leaders, as well as key members of the private sector from various parts of the country.
Among them were the Senate President, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila; Chairman of the Nigeria Governors’ Forum, Kayode Fayemi; Governor Badaru, and President of Dangote Group, Aliko Dangote.
Speaking, Emefiele revealed that Nigeria has produced over 35 million bags of blended fertiliser in the last five years.
He also spoke some of the benefits of having more fertiliser blending plants to the nation’s economy.
“Our import bill on fertiliser has not only declined significantly, but we are also witnessing rising investment in the fertiliser industry, such as the one being commissioned today by the Dangote Group,” the CBN chief said.
“Today, Nigeria is self-sufficient in the production of urea, and we are also leading in the production of urea on the African continent.
“There is no doubt that improving access to fertiliser will contribute to significant improvement in productivity of our local farmers but probably, more importantly, it will enhance our nation’s drive to improve food security and ensure we consume what we produce in Nigeria, thereby fulfilling another key promise and vision of the administration.”
1060700cookie-checkCBN Justifies Interventions In Real Sector
