Emefiele Cautions Against Rising Population
CBank of Nigeria (CBN) Governor Godwin Emefiele yesterday advocated sustained effort at boosting the country’s gross domestic product ( GDP) against its rising population. He cautioned that the country may face greater economic and social challenges anytime the population growth exceeded local production, stressing that policy makers should double their efforts in this regard.
He stated that Nigeria must explore its enormous opportunities provided by abundant resources to grow the economy, adding that over reliance on importation had hindered the economic development of the country.
Emefiele said the country was where it is at the moment because its policy makers abandoned its development plans.
He stated this at the special convocation of the University Nigeria, of Nsukka (UNN), he insisted that a return to agriculture with the various segments concentrating on production of crops where they have comparative advantage would lead to overall development of the country.
Speaking on the theme: From Recession to Growth: The story of Nigeria’s Recovery From the 2016 Economic Recession, Emefiele disclosed that a coordinated approach by fiscal and monetary authorities contributed to the rebound of the nation’s economy in the second quarter of 2017.
The CBN governor, who was also conferred with honorary Doctorate Degree in Business Administration, said the recovery was driven largely by improved non-oil activities, especially the agriculture sector.
He stated that it expanded consistently by about 3.5 - 4.3 percent reflecting government’ s efforts at diversifying the economy.