Fall of oil prices force CBN Governor, others, to push for local content in Agriculture

Following the fall of oil prices in the world as a result of the deadly coronavirus, stakeholders at the forefront of the nation's economy have pushed for improved domestic production of goods and services, particularly in the agricultural and manufacturing sectors.

The prominent stakeholders who advocated for the need to rely on domestic production were CBN Governor, Godwin Emefiele; Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed; as well as other experts in the sector.

The essence of this new agitation is to insulate the Nigerian economy from volatilities in the crude oil market as the government seeks an alternative for its overt dependence on oil.

Emefiele during the stakeholder meeting supported the call for economic diversification to boost Nigerian exports and unlock job opportunities for Nigeria's teeming population.

CBN Governor, Emefiele restates call for economic diversification to boost Nigerian exports and unlock job opportunities for Nigeria's teeming population.#GoingforGrowth2 #Emefiele #CBN

— Central Bank of Nigeria (@cenbank) March 12, 2020

Recall that the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari warned Nigerians to buckle up and prepare for real tough times in at least the next three months.

The warning is coming amid the global gloom trailing last Monday’s slide in crude oil prices to close to $30 per barrel.

“Prepare for trouble for at least three months,” Mr Kyari said in his statement at the event. “Even if the price of crude oil goes back to $58 per barrel, the situation will still be tough, because there is a backlog of production hanging that has to be resolved."