The first sigh of relief may be emerging from the macroeconomic spill overs from falling oil prices and the consequent quest for a diversification of Africa’s largest economy. This is because the Central Bank of Nigeria (CBN) has suggested that the nation’s non-oil contribution to its current account would double this year.
The disclosure was recently made by Governor Godwin Emefiele of the CBN during a courtesy visit to the Nigerian Stock Exchange (NSE) in Lagos. He said this as a way of sustaining the confidence of investors in the nation’s failing capital market, re-emphasizing the ongoing plan to diversify the structure of the economy. “There is no need for anybody to panic because the Nigerian economy in our very view remains resilient. The Federal Government is doing much to diversify the nation’s economy and in due time we will begin to reap the benefits of these efforts.”
According to him, the fiscal authorities had introduced a number of measures to tackle the unfolding vulnerability, including developing the country’s non-oil revenue. He further allayed the concerns of many nationals centred on the possibility of electoral uncertainties as the polls close in. “The election will come and go and Nigeria will remain the same and economic activities will continue. I’m confident of Nigeria that we are one nation irrespective of the disagreements, we are one nation and we all must have faith in Nigeria.”
Alhaji Rasheed Yussuf, Managing Director of Trust Yield Investment Ltd and the Doyen of stockbrokers, commended the Governor for the visit and encouragement while calling for a deeper alliance between the CBN and the Exchange based on the premise that the brokers were ready to cooperate and work with the apex bank in developing local talents. He said that operators believed in the strength and ability of Nigerians to turn things around through development of local investors. “We are the largest in both size and resources and we are ready to work closely with the governor to turn things around. We want closer cooperation between NSE and CBN because some of the measures taken by the monetary policy makers conflict with the market interest.”
By Emmanuel Iruobe
