If the closure of Nigeria’s land border is sustained for the next two years, issues of insurgency, banditry and kidnapping will be totally eradicated. This is according to Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).
Emefiele said this at the first Convocation Lecture of Edo University, Iyamho, Auchi on Friday.
The apex bank governor, while responding to questions after his lecture titled “The Role of Monetary Policy towards Economic Growth in Nigeria,” said the border closure was capable of tackling all security challenges currently being experienced in the country.
He explained that if the youth who were in these vices were gainfully engaged in meaningful activities, insecurity would reduce to the barest minimum.
“I can tell you that if our borders remain closed for two years, the issue of ‘Boko Haram’, Kidnapping, Banditry and ‘Yahoo-Yahoo’ will stop.
“CBN will promote this policy by making sure that we produce what we consume and eat what we produce,” he said.
He vowed that the apex bank would not allow the country to be used as a dumping ground for smuggling goods.
Emefiele also highlights some of the achievements of the Central Bank in recent times.
“The favourable outcomes and strengthening outlook of the Nigerian economy is traceable to the adoption of unconventional monetary policy tools. The CBN has been able to reduce inflation, build our FOREX reserves and maintain FOREX market stability and foster real growth.
“Nonetheless, challenges still remain. The pace of population growth at about 2.6 per cent still outstrips real growth rate while inflation is outside our tolerance band.
“Unemployment rate and incidence of poverty remain at unacceptable levels.
“Our economy still faces headwinds from expected declines in global growth and its resulting impact on oil prices and capital flows to emerging market countries.
“These challenges require that we strengthen our efforts at enhancing growth in productive sectors of the economy, which will help in insulating our economy from external shocks.