By Deborah Mustapha
Because Covid-19 has disrupted the economy of Nigeria and globally, the governor of Central Bank of Nigeria, Godwin Emefiele, has disclosed the plan and scheduled policy to reboot Nigeria economy amidst and after Corona Virus pandemic.
“Now is the time to seize this opportunity and create an environment that empowers our people to thrive within our shores.
To this end, the Central Bank has developed a Policy Response Timeline to guide our crises management and the orderly reboot of the Nigerian economy”, he said.
Emefiele made the policy known in a Press Released disseminated recently.
In the Press Release obtained by Daily News Nigeria, the CBN governor lamented that as a nation, we cannot afford to continue to rely on the world for food, education and healthcare.
“We do not know what the world will look like after this pandemic. Countries may continue to look inwards and globalization, as we know it today, maybe dead for a generation as that is why in response to COVID-19, we are strengthening the Nigerian economy by providing a combined stimulus package of about N3.5 trillion in targeted measures to households, businesses, manufacturers and healthcare providers.
“These measures are deliberately designed to both support the Federal Government’s immediate fight against COVID-19, but also to build a more resilient, more self-reliant Nigerian economy”, Emefiele added.
However, he said the time has come to fully transform Nigeria into a modern, sophisticated and inclusive economy that is self-sufficient, rewards the hardworking, but protects the poor and vulnerable, and can compete internationally across a range of strategic sectors.
Following his lamented statements, Emefiele made it known that many times, the Bank has been accused of promoting protectionist policies as his answer has always been that leaders are first and foremost accountable to their citizens. And if the vagaries of international trade threaten their wellbeing, leaders have to react by compelling some change in patterns of trade to the greater good of their citizens.
Speaking further, he said to achieve this goal, they must begin immediately to support the Federal Government to build a base of high-quality infrastructure, including reliable power, that can engender industrial activity, support both smallholder and large scale agriculture production in select staple and cash crops.
“Create an ecosystem of factories, storages, and logistics companies that move raw materials to factories and finished goods to markets, use our fiscal priorities to create a robust educational system that enables critical thinking and creativity, which would better prepare our children for the world of tomorrow”, he mentioned.
To mention few, Emefiele disclosed that the policy is tagged ‘Turning COVID-19 tragedy into an opportunity for New Nigeria’.