Lagos – An economic expert, Mr Bayo Adeleke, has called on the Federal Government to give more support to the non-oil sector to enable it shore up the nation’s external reserves.
Adeleke, who is CEO of an investment firm, Lancelot Ventures, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday.
NAN reports that the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, had said the country’s external reserves was at about $38 billion, and ruled out the possibility of a Naira devaluation.
Speaking during the just concluded two-day meeting of the Monetary Policy Committee (MPC, the CBN chief said the country’s reserves level remained, “high and strong enough to be able to meet obligations in the economy.
Adeleke noted that the federal government must begin to look beyond hydro carbon and strengthen its diversification drive in the non oil sector.
He urged the federal government to give support for local manufacturers to export more domestic products.
“Government could encourage more export of locally assembled cars and machinery to other African countries, as involving in export of home made products will improve government revenue and shore up its volume of foreign reserves,’’ the expert said.
Adeleke noted that harnessing more the agriculture space was one of the way of improving external reserves.
“Agricultural cash crops is one area that government needs to give attention because of its value in the international market, as the crops do not fall in value like the oil sector and it is not prone to international dynamics, “ he said.