Emefiele Tasks Varsities, Nigerian Youth on Agriculture, As Experts Call for Citizens Support of CBN’s PAVE Option.

Oru Leonard

In view of the constant weakening of the Naira aggravated by the impact of Covid- 19 and the on going crude oil price instability, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has tasked Varsities, Youths to concentrate on Agriculture. He further added that Nigerians Must Work Together to Ensure Success of Produce, Add Value and Export (PAVE), Option.

The CBN Boss made the call recently, in a keynote address at the opening of the 32nd Seminar for Finance Correspondents & Business Editors, holding in Akure, Ondo State, with the theme, “Exchange Rate Management and Economic Diversification in Nigeria: The ‘PAVE’ Option”, said the call for synergy is a clarion call to patriotism.

Emifiele who was represented by the Deputy Governor, Corporate Services, Dr. Edward Adamu, disclosed that ‘PAVE’ is expected to make Nigerians consume what they produce, add value to it, and even export the surplus, adding that it is an initiative akin to South-East Asia’s much referenced export-led industrialization policy which changed the economic fortunes of countries such as South Korea, Taiwan, Malaysia and Singapore.

“PAVE – Produce, Add Value and Export (PAVE), is designed to be the key for fast-tracking a bucket of substitutes to Crude oil export. It encourages backward integration for the local production of select items.

“Nigeria like most commodity-dependent countries was not spared the impact of the COVID-19 pandemic, given our dependence on crude oil export as a major source of revenue and foreign exchange. It is to mitigate against future severe consequences of shocks beyond our control that we must all join hands to ensure the success of PAVE. It is a clarion call to patriotism.

“Despite the headwinds associated with the pandemic, the Central Bank has worked very hard to ensure that Nigeria remains a vibrant economy with a diversified mix of opportunities across sectors such as ICT, Manufacturing, Solid Minerals, Trade and Agriculture. Notwithstanding these modest achievements, we cannot afford to rest on our oars as the work is far from over”, he urged

He further disclosed that the CBN’s 3-year bilateral currency swap agreement of US$2.5 billion, equivalent to ¥15.0 billion or N720.0 billion with the Peoples Bank of China (PBoC.) is yielding positive results in terms of meeting genuine demand for foreign exchange and exchange rate stability.

He thanked the media for their dedication and support which as he acknowledged that the media have contributed in no small measure to the achievements recorded by the Bank in recent times, and assured of their cooperation.

He added that the Seminar facilitates exchange of information and ideas between the Bank and the media is for  the good of the country, as it also seeks to achieve better public understanding of the apex bank’s carefully thought-out, and situation specific approach to the management of monetary policy and demonstrated support for the economic development of the country through sustained emphasis on diversification.

Speaking the Director, Corporate Communications Department, CBN, Mr. Osita Nwanisobi, said the PAVE option is the only thing new in the discussion as the issue of diversifying the economy has been on for over 40 years, noting that the CBN Governor has for the past six years hammered on the need for Nigeria to produce, process and make it possible for her commodities to be exported, adding also that to support his words with action, Emefiele started with agriculture.

“What the CBN is saying is that, we need to produce, we need to emulate the Asian tigers of Hong Kong, Taiwan, Singapore, Malaysia and South Korea to develop the capacity to deal with our economy and to improve our economic environment so that our produce will be cheaper to enter into the export market”, Nwanisobi stressed.

He disclosed that the Seminar is important as it will help those Journalists who write on the economy to begin to internalize the problem and also write from the position of strength.

The CBN Akure Branch Controller, Mr Fatai A. Yusuf in his welcome remarks noted that the FICAN Seminar holds a prominent place in the communication strategy of the CBN operations as it profers platform for eperts/professionals to interact with the media.

Experts who presented papers on related topics on 24 and 25 of March 2022, were all in concensus on the fact that there is urgent need to think out of the box in order to strengthen the naira.

Professor Micheal Obatan, Non Executive Director of CBN Board and  Member Monetary Policy Committee (MPC), made a presentation on ” Overview of Exchange Rates Management and Economic Diversification in NIgeria”,  while Professor Ken Ife, Lead Consultant, Industry & Private Sector Development, ECOWAS Commission presented a paper titled ” Infrastructure, Economic Diversification and Price Stability”,

On 25th March Mr. Johnson Chukwu, MD/CEO, Cowry Assets Management spoke on the” Impact of Vibrant Manufacturing Sector in Countries External Sector”, while Dr Tope Fasua, CEO, Global Analytics Consulting Ltd. delivered a paper titled, “The Agricultural Sector in Nigeria: Survival, Food Security and a Key Buffer for the Naira”.