Nigeria’s President Muhammadu Buhari has said that the current economic and financial challenges can only be overcome with home-grown innovations.
President Buhari noted that monetary policy alone is not sufficient to bring about desired economic growth.
Buhari said this while declaring open the annual Assembly of Governors of the Association of African Central Banks held in Abuja on Thursday.
President Buhari reiterated his administration’s determination to diversify the economy so as to surmount the challenges facing the country.
He said: “I urge you to continue to look for original home-grown solutions, not to rely on “fit for all purposes” prescriptions handed down from abroad.
“The world is a dynamic place and with innovation, we can survive.’’
Buhari added: “Monetary policy alone is not sufficient to bring about desired economic growth.’’
“Consequently, we are taking measures and implementing policies that would ensure we are self-sufficient, generate massive employment for millions of our youth, and explore our untapped human and natural resources.
“We shall also embark on export and production diversification steps including investment in infrastructure; promotion of manufacturing through agro-based industries and expansion of Regional Trade.
“All these would involve integrating the informal economy into the mainstream and providing funds to Small and Medium Enterprises.
“We shall also continue, with greater determination and focus to pursue our goal of ensuring improved security for our country and its citizens, and without letting up on our fight against corruption and terrorism.’’
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