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Director, Monetary Policy, Central Bank of Nigeria (CBN), Mr. Moses Tule has stressed the need to embrace agriculture in the nation's strive for economic transformation.
He stated this during the second in-house review meeting of the Institute of Food Security Environmental Resources and Agricultural Research (IFSERAR), Federal University of Agriculture, Abeokuta (FUNAAB), titled, 'Restoring the Primacy of Agriculture in the Nigerian Economy', held to showcase the results of research findings in Agriculture.
While presenting a paper titled; 'The Dutch Disease, Sustainable Agriculture and Monetary Policy in Nigeria' explained that the Dutch Disease became a common phrase to describe a situation in which a boom in the natural resource sector shrinks the manufacturing and agricultural sectors through Crowding-out Effect and an appreciation of the real exchange rate.
He listed out the factors that would ensure sustainability in agriculture to include increase in government's provision of infrastructure, competitive pricing of agricultural commodities, private investment, high per capita income, reduction in exchange rate depreciation and the availability of credits.
Speaking further, Tule noted that the CBN had often complemented its traditional role with a quasi-fiscal function, using unconventional monetary policy instruments like dual interest rates, quantitative easing policies and by developing interventions in the agricultural sector, among others. DAILY INDEPENDENT