CBN Governor Urges Nigerians to Consume, Export What They Produce

By Damilare Adeleye

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has advised Nigerians to consume what they produce and export the surplus after adding value to it.

Godwin Emefiele disclosed this during the occasion of the 32nd Seminar organised by the Central Bank of Nigeria, for Finance Correspondents and Business Editors, themed, “Exchange Rate Management and Economic Diversification in Nigeria: The ‘PAVE’ Option”, on Thursday in Akure, Ondo State capital.

The Deputy Governor of the apex bank, Corporate Services of the CBN, Mr Edward Adamu, made the disclosure virtually on behalf of Godwin Emefiele.

While delivering the keynote address, Mr Emefiele said; “I am mindful that our goals may appear ambitious to some, but I am resolute and determined that we can achieve it.

“Many countries that are much less endowed than Nigeria are doing it. Consider for example that agriculture exports alone from the Netherlands was about US$120 billion last year.

“Yet, Netherlands has a landmass of about 42,000 square kilometres, which is much smaller than the landmass of Niger State alone at over 76,000 square kilometres.”

He noted that; “Produce, Add Value and Export initiative was expected to make Nigerians consume what they produce, add value to it, and even export the surplus.

Emefiele explained that the PAVE was an initiative similar to South-East Asia’s much referenced export-led industrialisation policy which has changed the economic advancement of countries such as Taiwan, South Korea, Malaysia and Singapore.

While adding that the initiative was designed to be the pivot for fast-tracking a bucket of substitutes to crude oil export, the Central Bank boss also urged that all hands to ensure the success of the PAVE, noting that “the initiative would mitigate against future severe consequences of shocks beyond our control”.

According to him; “COVID-19 pandemic is one of the biggest crises that has faced mankind in recent history.

“The pandemic impacted economies and disrupted business activities globally.

“Expectedly, Nigeria, like most commodity-dependent countries, was not spared the deleterious impact of the pandemic, given our dependence on crude oil export as a major source of revenue and foreign exchange.”