Nigeria's economy needs chance to reset and diversify, says central bank governor

ABUJA, March 16 (Reuters) - Nigeria needs to be given a
chance to reset and diversify its economy, its central bank
governor said on Tuesday, addressing concerns raised by the
World Trade Organization.
Ngozi Okonjo-Iweala - a former Nigerian finance minister who
was appointed director-general of the WTO this month - said on
Monday, during a visit to her home country, that some WTO
members had expressed concerns about its foreign exchange
management. Africa's largest economy and top oil exporter, which was
grappling with low growth before the pandemic hit demand for
crude, exited recession in the fourth quarter of 2020, although
the economy shrank overall in 2020. The central bank, seeking to conserve its dollar reserves,
has curbed access to the interbank market for a wide range of
importers, hoping to boost local production. Since 2015 it has
maintained a multiple currency regime to manage pressure on the
naira.
Central bank governor Godwin Emefiele held talks with
Okonjo-Iweala on Tuesday, shortly after new data showing that
inflation hit a four-year high in January, and a third of
workers were unemployed in the last three months of 2020.

"Godwin Emefiele says Nigeria needs to be given a chance to
reset and diversify its economy, just as he reiterated the
determination of the CBN (Central Bank of Nigeria) to address
identified deficiencies in the Nigerian economy," the bank said
in a statement after the meeting.
Nigeria relies on crude oil sales for around 90% of foreign
exchange earnings.
"Mr Emefiele said Nigeria's position on trade was
necessitated by the drive to protect local industries to create
jobs and employment," the central bank added.
It said Emefiele had cited stimulus packages and the
restructuring of loans as measures used to reduce the impact of
the coronavirus pandemic.