Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business

CBN calls for increased investment in the non-oil sector

Ubah Jeremiah IfeanyibyUbah Jeremiah Ifeanyi
1 year ago
in Business, Spotlight
Cash scarcity reduces transactions across Nigeria, slows economic activities down

Godwin Emefiele, CBN Governor

Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria has called for increased investment in the non-oil sectors as a source of foreign exchange earnings.

This was disclosed by the central bank governor, Godwin Emefiele in a communique read at the recently held Monetary Policy Committee meeting.

Emefiele praised the government’s efforts to diversify the economy but called for further support to increase non-oil exports.

What the CBN governor is saying

According to Emefiele, who read the recommendations on behalf of the committee, the Committee appraised the developments in the global economy, international financial environment and the domestic economy, as well as the outlook for the rest of the year and the first quarter of 2022.

He said, “The Committee also commended the gradual diversification of the economy with the increased contribution of the non-oil sector to Government revenues and called for more support to increase non-oil exports as a source of foreign exchange earnings into the economy.”

He said advised government to prioritise investment in public infrastructure to improve the business environment. These include transportation networks, power supply, education and health. He recommended that such initiatives may be funded by forming equitable partnerships with foreign investors and Nigerians living abroad.

Emefiele explained that the apex bank’s many intervention programmes in manufacturing, agriculture, and healthcare, among other areas, had made significant contribution to the economy’s growth.

He did, however, mention COVID-19’s detrimental impact on the world economy and the need for a vigorous vaccination effort to stop the flow, especially given the virus’s introduction of new strains.

Related

Tags: CBNForeign Exchange earningsGodwin Emefielenon-oil sector

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • 3 reasons most Nigerians may ignore Starlink and stick with their mobile operators
  • Why Nigerians are obsessed with cash
  • Finance Minister says Federal Government is set to activate full potentials of mining sector

Follow us on social media:

Recent News

Starlink is now in Nigeria, but for only those earning dollars

3 reasons most Nigerians may ignore Starlink and stick with their mobile operators

February 6, 2023
Why Nigerians are obsessed with cash

Why Nigerians are obsessed with cash

February 6, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics