Tuesday, June 15, 2021

    ‘Look for other alternatives to oil allocations’, CBN tells state governors

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    Godwin Okaforhttps://naija247news.com
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Port Harcourt — The Central Bank of Nigeria, CBN has urged the 36 States Governors in the country, to depend less on oil allocations, but strife to make their states economically viable for investors.

    CBN Governor, Godwin Emefiele, gave the charge recently while commissioning the Rivers State Cassava Processing Company in Oyigbo.

    Emefiele annouced that CBN was ready to collaborate with state governors in diversifying the country’s economy into agriculture and manufacturing.

    He said the cassava factory built by the Rivers State Government in partnership with the Shell Petroleum Development Company, SPDC and the government of Netherlands, would save foreign exchange and create employment for youths.

    He mentioned byproducts of cassava to include starch, flour and glucose syrup for beverages like malt, beer etc, and particularly urged breweries and beverages firms in the country to patronise the company.

    “Please make your states economically viable, so that you can depend less on revenues from oil and FAAC, so that you can grow your economy and encourage the private sector to invest in your state.

    “Thereby creating jobs for our youths and by so doing, increasing your internally generated revenue and by extension develop your state and Nigeria in general.

    “It is imperative that we continue to encourage more investment in various sectors of our economy towards diversifying our economy and creating an enabling environment for firms like the Rivers State Cassava Processing Company, with deliberate emphasis in reducing our dependence on oil sector.”

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