Economic growth is yet to translate into employment generation because the link between major growth drivers like agriculture and manufacturing are weak, the governor of Central Bank of Nigeria, Sanusi Lamido Sanusi has said.
Sanusi said this Monday in London as a guest lecturer at the annual Sir Patrick Gillam Lecture Series at the London School of Economics and Political Science.
He presented a paper titled, "The Global Crisis and the Nigerian Economy: The Central Bank of Nigeria Responses", according to a statement issued by the central bank's spokesman, Mohammed M. Abdullahi.
The governor said the economy is still faced with some challenges despite the robust economic growth and these challenges have slowed down the transmission of such growth indices to higher employment opportunities.
He said: "The link between major growth drivers, particularly agriculture and manufacturing, continue to be weak and the required costs of the expected infrastructural needs of the economy are daunting and remained a major challenge to financial sector.
"The need for a low-cost long-term infrastructure financing requires more than the CBN alone can tackle. Major bottlenecks and supply-side constraints, including enabling legal framework have slowed the responsiveness of some CBN reform measures."
Sanusi said this Monday in London as a guest lecturer at the annual Sir Patrick Gillam Lecture Series at the London School of Economics and Political Science.
He presented a paper titled, "The Global Crisis and the Nigerian Economy: The Central Bank of Nigeria Responses", according to a statement issued by the central bank's spokesman, Mohammed M. Abdullahi.
The governor said the economy is still faced with some challenges despite the robust economic growth and these challenges have slowed down the transmission of such growth indices to higher employment opportunities.
He said: "The link between major growth drivers, particularly agriculture and manufacturing, continue to be weak and the required costs of the expected infrastructural needs of the economy are daunting and remained a major challenge to financial sector.
"The need for a low-cost long-term infrastructure financing requires more than the CBN alone can tackle. Major bottlenecks and supply-side constraints, including enabling legal framework have slowed the responsiveness of some CBN reform measures."
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