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Published On: Wed, Mar 26th, 2014

CBN: Agro production, banking reforms, others to stimulate real sector of economy

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By Clem Khena-Ogbena

The Monetary Policy Committee (MPC) yesterday reeled off areas that are expected to stimulate the real sector of the economyto include agricultural production, the banking sector reforms and favourable government initiatives.

This was contained in a communique issued at the end of the Committee’s sitting, chaired by the acting governor of the Central Bank of Nigeria (CBN), Mrs. Sarah Alade, at the apex bank’s conference hall.

The Committee, which also reviewed major developments in both the gobal and domestic economies from 2013 up to March 2014 as well as the outlook for the rest of the year, noted that growth in domestic economy and financial developments had remained robust.

The communique, openly read by the acting CBN governor, stated, “The Committee observed that the relatively robust growth projections, despite the sluggish global economy recovery, reflected the continuing favourable conditions for increased agricultural production, sustained outcome of the banking sector reforms as well as the initiatives of the government to stimulate the real economy.”

The communique quoted the National Bureau of Statistics (NBS) as sayiny that real Gross Domestic Product (GDP) growth ratewas at 7.72 for the fourth quarter of 2013, which was higher than the 6.81 percent, recorded in the third quarter of 2013 and 6.99 percent in the corresponding period of 2012.

It stated that in tandem with recent trends, the non-oil sector had continued to be the major driver of the nation’s economic growth, during the fourth quarter of 2013, recording 8.76 percent, adding that the growth drivers in the non-oil sector in the fourth quarter, 2013 remained wholesale and retail trade, agriculture and telecommunications, which had “contributed 2.57, 2.27 and 1.97 percentage point, respectively.”

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