Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says Nigeria must ramp up oil production to boost the economy.
Speaking at a press conference on Tuesday after the monetary policy committee’s 297th meeting in Abuja, Cardoso said inasmuch as the strategy of the apex bank is to unlock as many diversified sources as possible into the foreign exchange (FX) section, it is not enough and can never replace the fundamentals.
The central bank governor said as long as the country operates on a monolithic economy, achieving a strong exchange rate “that we all so desire” would continue to be hampered.
“We may like to think or dream it can, but it can’t. Until the fundamentals are fixed and in place, you will continue to sub-optimise,” Cardoso said.
“Oil production has got to be ramped up to the level that will carry the economy. I think we are all ongoing witnesses to the efforts that are being made in that sector. It has to happen.
“I spoke about the sad…