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Godwin Emefiele who is a presidential aspirant and also the Governor of the Central Bank of Nigeria (CBN), has opined that Africa needs to finance her own growth.
The CBN Governor made this clear at the Africa Finance Corporation (AFC) Live Infrastructure Solutions Summit held in Abuja on Thursday.
He said that over the past two years, Africa had suffered crises each with profound implications for the economies of the continent.
Emefiele who was represented by his Deputy and Board Chairman of AFC, Dr Kingsley Obiora, said the COVID-19 crisis with its lockdown triggered recession in most parts of the world.
He also opined that the crisis injected a fresh urgency for Africa’s rise in self-reliance on the manufacturing and processing of essential products and he further clarified that the crisis in Ukraine also had economic implications on the African continent.
“Clearly, amid challenges of inflation, economic growth, conflict and food and energy shortages, we are also at a reflection point today to shift the course of history for decades to come.
“Africa must seize the opportunity. We owe it to our children and future generations.
“So what is the right path ahead?
“As CBN governor, the path begins with finance.
“Our future depends on strengthening Africa’s capacity to finance our own growth.
“Yet Africa’s financing needs are growing and will only get bigger as our population expands,” Emefiele said.
According to him, the key is in unlocking new sources of funding, both domestic and international.
“They are locked in pension funds, insurance companies, sovereign wealth funds, and mutual funds.
“We are limited only by our ability to reduce risks for investors and find simple, steady and creditable competitive returns,” he said.