Connect with us

Banking

Post-COVID-19: CBN director tasks W/African countries on revamping economies

Published

on

Post-COVID-19: CBN director tasks W/African countries on revamping economies

Dr Hassan Mahmud, Director, Monetary Policy Department, Central Bank of Nigeria (CBN), on Tuesday advised West African countries affected by COVID-19 pandemic to look inward and use their domestic resources to revamp their economies.


Mahmud gave the advice at a diagnostic Webinar organised by the West African Institute for Financial and Economic Management (WAIFEM) in Lagos.

The News Agency of Nigeria reports that the meeting had as its topic: “The Impact of COVID-19 on the Economies of WAIFEM Member Countries.”

The countries concerned are: Gambia, Ghana, Liberia, Nigeria and Sierra Leone.

According to him, most advanced economies have started looking inward because of the externalities and shocks that they have experienced.

“ We should start looking inward at the regional level and at the country level to see that we are revamping our Agricultural sector, the Small and Medium Enterprises (SME) and Micro, Small and Medium Enterprises (MSME), such that we can be able to aggregate our domestic demand level to meet our supply capacities,” he said.

Mahmud urged countries to consider perfecting or improving the value chain of the agricultural sector from the primary production to the end-user.

According to him, when this is done, there will be a vertical integration that will revamp a lot of our economies living it less-dependent of external financing.

Earlier, the countries gave a very detailed analysis of the state of their economies and their responses to COVID-19, and the story from each representative was more or less the same.

They said the beginning was a health crisis which translated to an economic crisis and then to issues that had to do with fiscal and monetary development.

However, they predicted a recession in 2020, expressing optimism that their economies would get back to recovery path in 2021.

Edited By: Shittu Obassa/Adeleye Ajayi (NAN)

Lydia Ngwakwe: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Tanker drivers start strike Monday as talks with LASG end in deadlock NCDC confirms 437 new COVID-19 case, total of infection hits 46,577 Apapa will open to traffic in October — LASG Halep to decide on United States Open after Prague event Gov. Fayemi mourns ex-Ekiti lawmaker, Fakiyesi Vettel says Ferrari messed up with nonsensical strategy Ekiti Govt paying lip service to healthcare delivery, say striking doctors Resumption: Academy wants COVID-19 protocol funds released directly to schools Willian confirms exit from Chelsea after 7 years Anglican Bishop urges govts to save SMEs from collapse For Europe’s “super clubs”, UEFA Champions League determines all YYA sues for peace in Ondo Assembly, condoles with Ogun over Kashamu Ilorin communities appeal to Gov. AbdulRazaq over damaged culvert NPFL 2019/2020 season: Rivers United still insisting they finished second, not third Imo Assembly restates commitment to local production through effective legislation CAN President urges FG to overhaul security apparatus  Osun: Police dismiss inspector for allegedly brutalising tailor, causing death Nimet predicts cloudy, thundery weather activities Monday to Wednesday Sanwo-Olu gives hospital’s management 7-day ultimatum to remove trucks, containers FG supports Imo farmers with 20,000 cocoa seedlings, other improved seeds COVID-19: Low attendance, strict compliance greet church re-opening in Lagos Ex-Rep wants Obaseki impeached over alleged breach of constitution NMA charges state branches to uphold values to protect members Unknown assailants kill Gov. Obiano’s aide on security DG APC Governors Forum tasks membership on participation, registration  Banditry: Monarch urges govt. to adopt new strategies Cleric tasks worshipers on COVID-19 guidelines as church services resume Kwara records 7 new cases of COVID-19 Beauty queen pledges to showcase cultural heritage of Northern Nigeria Zamfara agency sensitises communities on World Bank projects maintenance, sustainability Don’t smoke away your babies, Gynaecologist warns PDP BOT Chairman seeks conduct of LG election by INEC Community policing: FCT minister advocates involvement of council chairmen, traditional rulers Former Police boss blames security challenges on corruption, bad governance Southern Kaduna attacks: Coalition tasks locals on credible information to military Delta communities want FG to revive abandoned projects Dabiri-Erewa says Dapo William’s death great loss to Nigeria Rev Okoye urges Nigerians to return to God, shun tribalism, other vices Commission pledges to eradicate illiteracy, poverty in North-East FG, ECOWAS to host biodiversity consultation on environmental protection Journalists Forum uncovers Nigerians in critical situation in Saudi Arabia NOA urges collaboration of traditional leaders in fight against COVID-19 APC in UK pays tributes to late Dapo Williams Ekiti Govt distributes protective materials ahead Monday’s school reopening Kogi govt extends schools’ fumigation to Eastern Senatorial district Buhari mourns UK-based Nigerian, Dapo Williams COVID-19: Mosques in Ekiti ready for reopening – NSCIA COVID-19: Churches in Lagos  reopen, record  low turn out after 20 weeks of lockdown Church re-opening: Cleric wants leaders ensure compliance with COVID-19 guidelines FCTA pledges support to Suleja smart city project