President Muhammadu Buhari has advised central banks of countries in Africa against relying on prescriptions from foreign countries, urging them instead to develop home-grown solutions to the economic challenges facing the continent.
He gave this advice on Thursday while declaring open the annual meeting of the Association of African Central Banks holding in Abuja.
Buhari, who challenged central bank governors in Africa to rather be innovative, observed that the continent was confronted with several global and domestic economic challenges.
“I urge you to continue to look for original home-grown solutions, not to rely on ‘fit for all purposes’ prescriptions handed down from abroad. The world is a dynamic place and with innovation, we can survive,” Buhari said.
Speaking about the economic challenges, he said: “Most worrisome is the slowdown in growth; weakening global demand; rising inflation; restrictions in capital flows; rising debt levels; increased exchange rate volatility and depleting external reserves.”