The Edo State Governor, Mr Godwin Obaseki, has made a case for increased productivity and less dependence on importation to build a self-sufficient economy that can withstand shocks from global financial crises.
The governor made the submission while speaking at the 3rd Eminent Persons’ Lecture Series, held at the University of Benin, Ugbowo, Benin City, Edo State.
Obaseki said the lecture is expository as it drew attention to the need for all Nigerians to join hands in addressing the country’s economic challenges, noting, “For Nigeria to grow as a country, every one of us must work to increase productivity and depend less on importation.”
He noted that Nigeria must grow a self-sufficient economy to cope during global financial crises, adding, “We must produce and depend less on external markets. If we don’t, as long as there are external structures beyond our control, we will be at the mercy of these shocks.”
In a lecture titled: Beyond the Global Financial Crisis: Monetary Policy under Global Uncertainty, Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele said during the 2008-2009 global financial crisis, emerging market economies like Nigeria witnessed considerable outflow of funds from the stock exchange as foreign investors divested their assets which led to a corresponding depreciation of the Naira from N117 to N135 per dollar.
The CBN governor said the CBN had to deploy both conventional and unconventional tools to support the continued growth of the country’s economy as a simple focus on the monetary policy rate wouldn’t have been sufficient to get the Nigeria economy out of recession.
He added that the CBN is encouraging improved growth in the agricultural and manufacturing sectors given their potential to grow the economy, listing other measures being deployed by CBN to stimulate economic growth to include conserving foreign exchange, risk-based supervision, growth enhancement fiscal policy and development finance intervention, among others.
Vice Chancellor, University of Benin, Prof. Faraday Orumwense, said the Eminent Persons’ Lecture Series was organised to enable staff and students of the institution learn from prominent personalities from all spheres of life.