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President Muhammadu Buhari has urged African Central Banks to play crucia role in the repatriation of stolen funds.
Speaking at a meeting of the association of central bank governors in Abuja, Buhari called for the removal of all bureaucracies in returning the funds.
According to Buhari, the dwindling prices of crude oil in the international community has paved the way for African leaders to come up with policies that would help enhance both monetary and financial stability in the region.
One of such ways, according to the President, is the repatriation of stolen funds by government officials across the continent.
The Central Bank Governor, Mr Godwin Emefiele, said cross border banking supervision could also reverse the trend, adding that sound economic policies must be taken to transform the economy of the African continent.
Buhari said: “ Nigeria, the Central Bank of Nigeria has for many years spearheaded economic stimulus measures through specific intervention programmes. I think these measures should be sustained through good times and through difficult times.
“Distinguished Ladies and Gentlemen, we fully understand that monetary policy alone is not sufficient to bring about desired economic growth. We must carefully balance monetary and fiscal policy measures.
“For us in Nigeria, while recognizing the challenges we are confronted with and the need to surmount them, we are determined to diversify the economy away from excessive reliance on oil and other primary products. Consequently, we are taking measures and implementing policies that would ensure we are self-sufficient, generate massive employment for millions of our youth, and explore our untapped human and natural resources”.
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