{"id":17772,"date":"2019-11-08T16:38:09","date_gmt":"2019-11-08T16:38:09","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=17772"},"modified":"2019-11-08T16:38:09","modified_gmt":"2019-11-08T16:38:09","slug":"oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele","title":{"rendered":"\u201cOil price can never get to above $100 per barrel in our lifetime\u201d \u2013 Godwin Emefiele"},"content":{"rendered":"

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Friday said that there was no better time to diversify the Nigerian economy than now because the era of crude oil boom was over and that the commodity can never rise above $100 a barrel anymore as Was the case few years ago.<\/p>\n

Speaking as a guest lecturer at the first convocation ceremony of Edo University, Iyamho, Edo State, Emefiele said; \u201coil price can never get to above $100 per barrel in our lifetime.<\/p>\n

\u201cSo, we must just diversify our economy now. We must embrace agriculture and grow the manufacturing sector. It\u2019ll create jobs and generate money into our bank accounts. No more oil\u201d.<\/p>\n

Emefiele<\/a> who delivered a convocation lecture titled; \u201cThe role of monetary policy: Towards economic growth in Nigeria\u201d also said there was no apologies for the shut land borders because different countries work with diverse economic policies that suit them..<\/p>\n

He said despite criticisms from certain quarters over the apex bank\u2019s monetary policies, the country has remained better for actions it has taken.<\/p>\n

\u201cOur unorthodox and unconventional monetary policy is yielding results. We\u2019re not deterred. We can\u2019t allow people to smuggle and dump goods here and kill our local producers.<\/p>\n

We owe no one any apologies as long as we\u2019re creating jobs and growing the economy.<\/p>\n

\u201cFor an economy like ours, which is yet to attain its full potential, utilitarian welfare maximization requires a functional consideration for real growth. Thus, growth objectives cannot be overlooked. The CBN Act 2007, in recognizing this, provided the Bank with the legal backing to undertake developmental functions that are consistent with price stability. This has enabled the bank to simultaneously promote the development of financial markets and stimulate the growth of the real sector\u201d, he explained.<\/p>\n

The CBN Governor, however, lamented that Nigeria\u2019s overdependence on crude oil for over 60 percent of fiscal revenue and over 90 percent of FX inflows, meant that shocks in the oil market were transmitted entirely to the economy via the FX markets as manufacturers and traders who required FX for input purchases were faced with dwindling supplies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Friday said that there was no better time to diversify the Nigerian economy than now because the era of crude oil boom was over and that the commodity can never rise above $100 a barrel anymore as Was the case few years ago. Speaking as […]<\/p>\n","protected":false},"author":62,"featured_media":8954,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,653,228],"class_list":["post-17772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-emefiele","tag-oil-production"],"yoast_head":"\n\u201cOil price can never get to above $100 per barrel in our lifetime\u201d \u2013 Godwin Emefiele - Nigeria<\/title>\n<meta name=\"description\" content=\"Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Friday said that there was no better time to diversify the Nigerian economy than now because\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cOil price can never get to above $100 per barrel in our lifetime\u201d \u2013 Godwin Emefiele\" \/>\n<meta property=\"og:description\" content=\"Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Friday said that there was no better time to diversify the Nigerian economy than now because\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-08T16:38:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/2019\/04\/0602c5bc-godwin-emefiele-800x570.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"570\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"\u201cOil price can never get to above $100 per barrel in our lifetime\u201d \u2013 Godwin Emefiele\",\"datePublished\":\"2019-11-08T16:38:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele\"},\"wordCount\":367,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/2019\/04\/0602c5bc-godwin-emefiele-800x570.jpg\",\"keywords\":[\"CBN\",\"Emefiele\",\"Oil Production\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/oil-price-can-never-get-to-above-100-per-barrel-in-our-lifetime-godwin-emefiele\",\"name\":\"\u201cOil price can never get to above $100 per barrel in our lifetime\u201d \u2013 Godwin Emefiele - 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