Nigeria can no longer afford to rely on the world for food, education and healthcare, CBN Governor Godwin Emefiele has said in an OP-ED warning that threats to globalisation post-COVID-19 or a prolonged spread of the virus could hurt heavily dependent countries.
In his recent OP-ED, Emefiele noted that heightened protectionism by countries around the world in response to the virus could snowball into food and essentials export restrictions that could affect Nigeria.
“For a country of 200 million people…we can no longer continue to ignore repeated warnings on the dangers that lie ahead if we don’t begin to depend largely on what we produce locally…,” said Emefiele.
In order to strengthen self-reliance Emefiele proposed adoption of policies to strengthen manufacturing and healthcare sectors including the country’s infrastructure.
Among his proposal is the establishment of InfraCo Plc, a world class infrastructure development vehicle wholly focused on Nigeria with combined debt and equity take-off capital of N15trn which would be managed by an independent fund manager.
The fund which would be created within 12 months would target building Infrastructure that link farms, market and factories.
In the medium term (0-3 years) Emefiele proposed at least N662bn worth of investment in hi-tech machinery and equipment while it aims to create funds that would help the country address housing deficits.
Emefile also said the CBN will support financing of environmentally friendly production that would have tangential long=term health benefits for Nigerians.
Segun Adams
