The Central Bank of Nigeria, CBN has urged the 36 States Governors in the country, to depend less on oil allocations, but strife to make their states economically viable for investors.

CBN Governor, Godwin Emefiele, gave the charge recently while commissioning the Rivers State Cassava Processing Company in Oyigbo.

Emefiele announced that CBN was ready to collaborate with state governors in diversifying the country’s economy into agriculture and manufacturing.

CBN Governor, Godwin Emefiele


He said the cassava factory built by the Rivers State Government in partnership with the Shell Petroleum Development Company, SPDC and the government of Netherlands, would save foreign exchange and create employment for youths.

He mentioned byproducts of cassava to include starch, flour and glucose syrup for beverages like malt, beer etc, and particularly urged breweries and beverages firms in the country to patronise the company.

“Please make your states economically viable, so that you can depend less on revenues from oil and FAAC, so that you can grow your economy and encourage the private sector to invest in your state.

“Thereby creating jobs for our youths and by so doing, increasing your internally generated revenue and by extension develop your state and Nigeria in general.

“It is imperative that we continue to encourage more investment in various sectors of our economy towards diversifying our economy and creating an enabling environment for firms like the Rivers State Cassava Processing Company, with deliberate emphasis in reducing our dependence on oil sector.

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