President Muhammadu Buhari has told African Central Bank Governors that monetary policy alone cannot expand Nigerian economy.
The Reuters news agency quotes the president as saying the Nigerian economy required new fiscal and structural policies for it to surmount its worst economic challenges in decades.
“We fully understand that monetary policy alone is not sufficient to bring about desired economic growth”, President Buhari told the meeting of African Central Bank Governors Thursday in Abuja
“For us in Nigeria, while we recognise the challenges we are confronting … we are determined to diversify the economy away from the excessive reliance on oil and other primary products”, he added.
It would be recalled that the Central Bank of Nigeria (CBN) raised interest on lending rates last month, adversely crippling profit growth.