No Country Grows With Oil And Gas Revenue – CBN

• No Country Grows With Oil And Gas Revenue – CBN

The Central Bank of Nigeria(CBN)  on Monday called for economic diversification, noting that no country can grow with just oil and gas revenue.

This was made known by the Director of Corporate Communication Department, Isaac Okoroafor during a two-day consumer sensitisation outreach in Port Harcourt, the Rivers state capital.

According to him, if the local industries such as the film making, textile/garment industries and other small and medium scale enterprises (SMEs) are well developed in the country, it will enhance the growth of the country and her citizens by creating job opportunities and boost the foreign reserve of the nation.

“By producing goods locally, jobs will be created and the value of the Naira will appreciate and the chain effect is that the domestic economy will become vibrant.

“How many Nigerians are employed in the oil industries?  he queried.

He acknowledged the fact that the nation is blessed with oil but lamented that there is no technology and manpower to utilize it.

“Nigeria has oil, but does not have the technology and manpower to bring it to the usable state, they extract it, send it to them, they refine and we go back to buy.

“How has that affected our economy here? How many jobs has it created among others? This is the reason for the call for diversification of the economy.

“But on the other hand, the source of income of the local manufacturers is organic; every of the processes of their products is local, that is why CBN is driving the growing and production of cotton, rice among other agricultural and agro-allied products.

“We want the textiles mills to come back on stream, jobs will be created, importation of textiles will be discouraged, to save the country of huge capital flight.”

Okoroafor, while reacting to the border closure, commended the Federal Government for taking the bold step in its plan to encourage home-grown products.

He added that the foreign companies that will miss Nigerians patronage will have no other choice than to come and establish in the country which will, in turn, increase the exportation of our farm produce.

“We have to emulate the Chinese economy. When China began manufacturing people referred to their products as “fake products”. Today, China is leading in the manufacturing of most products in the world. Nigeria can become another China.

“What our people are doing in Aba, Abia State is an encouraging example,” Okorafor added.