Central Bank Governor, Godwin Emefiele, say not saving for the raining day, lack of diversification and global crisis combined to bring about the nation’s economic crisis.
He said this over the weekend in Lagos at a meeting with the major media proprietors.
“I must confess that what is happening today is a result of a global crisis in the sense that we’ve seen commodity prices dropping.”
Taking us aback, he points out that the Agriculture sector was the nation’s mainstay until we found oil. This led to us leaving the former for the latter.
“if we had held strong to our potential in the agricultural sector, in the same vein held strong to the potential that we found before we found oil in Nigeria our story would have been different today.”
Giving a parallel example with Norway. Norway maintained its focus in both fishery and the oil sector. And invested its earnings in a Sovereign Wealth Fund worth $873 billion today.
This is not the same with Nigeria whose successive leaders didn’t plan for the future with its earnings from the petroleum sector.
“What we could have done was to save the money, if we couldn’t save the money, invest it in infrastructure and in industry that will grow productivity and wealth of our people.”
Speaking on what the nation did to address the economic recession, he said that Nigeria’s foreign allies may have misled her when she adjusted its currency.
He however points out that the flexible Fx policy fetched $1billion in the last three months.