President Muhammadu Buhari has told African Central Bank governors that monetary policy alone could not expand Nigerian economy.
Reuters news agency reports that the president said the Nigerian economy required new fiscal and structural policies for it surmount its worst economic challenge in decades.
“We fully understand that monetary policy alone is not sufficient to bring about desired economic growth,” The news agency quoted the president as telling 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."
The Central Bank of Nigeria (CBN) raised interest rate last month. The decision is alreday affecting manufaturers as it is crippling profit growth.
