CBN Governor, Emefiele reveals why Nigeria must not depend on crude oil again

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has said that Nigeria must discontinue its dependence on crude oil to guarantee public revenue and foreign exchange.

The CBN governor made this known on Saturday in Abuja during a ceremony to mark the end of the 2020 CBN Governor’s Golf Cup tournament.

Emefiele said that the country needs to utilize other economic potentials in order to move out of economic recession.

He also stated that sports cannot be left behind while utilizing available tools to ensure the development of the country since it attracts foreign exchange.

“The Bank’s consistency in promoting the game of golf and other sports in the country has had a remarkable impact on youths.

“We have been promoting youth empowerment not only through sporting events, but also through development of finance initiatives and schemes.

“These include Youth Entrepreneurship Development Scheme, Micro Small and Medium Enterprises Development, Agri-Business and Small and Medium Enterprises Investment Scheme and other innovative programs.

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“However, I urge Nigerians to take hold of these opportunities to contribute to the country’s growth and development,” he said.

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