Emefiele spoke at the retirement of the bankers' committee in 2016 with the theme: "Economic Recovery: The Role of the Banking Sector."He said CBN's intervention policies, which extended to the target population through the banks, made them ideal partners in the nation's development agenda.He said that at a critical moment in the country's history, the emphasis on diversification and support for its achievement should be given priority by the bankers.The governor reiterated that banks must propose innovative solutions that enable the financial sector to play a key role in Nigeria's growth and development.Emefiele said that emphasis had been placed on creating a conducive environment for a more diversified growth structure that did not depend on the sale and production of a product - crude oil.He said the new initiative focused on improving the productivity of farmers, manufacturers and enterprises, as well as their access to finance, to produce goods and services that could be made in Nigeria.Emefiele said that this would improve job creation and growth for the nation as a whole.The head of the apex bank reiterated that financing two key sectors was central to recovery efforts: agriculture and manufacturing sectors.He said the bank was focusing on the two sectors because they were recognized globally as catalysts for rapid growth, job creation and poverty reduction.The CBN Governor said that in Nigeria, agriculture was currently the largest employer of labor contributing approximately 24.2 percent of its GDP."In 2015, we launched the Borrower Anchor Program as an innovative way to improve access to financing for farmers and manufacturers."To date, CBN has committed about N23 billion in the Anchor Borrowers program with active participation across 14 states of the federation."In the state of Kebbi, more than 78,000 small farmers are cultivating about 100,000 hectares of rice farms."The state of Kebbi is expected to produce more than one million metric tons of rice this year alone," he said.Meanwhile, Governor Akinwumi Ambode of Lagos state urged banks to take their roles in the quest to revive the economy in earnest.Represented by the Deputy Governor, Dr. Idiat Adebule, Ambode called for a change of orientation and support for the policy instruments that were aimed at achieving the overall goal of reviving the economy."We must innovate now because there is no way out of the recession."The banking sector has an important role to play, because the survival of other sectors depends in part on the sustainability and vitality of banks," he said.Ambode also said that bankers' suggestions would be duly considered by the government and its agencies for the purpose of guiding policymaking. (NAN)
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