Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has stated that the road to Nigeria’s economic emancipation is rough and tough, noting that it will take intense hard work and renewed commitment from Nigerians to make the desired headways.

He stated this on Wednesday while appearing before the Senate Committee on Banking and Finance during the screening session for his reappointment for a second tenure of five years.

In his presentation, the boss of Nigeria’s apex bank indicated that Nigeria has fared very poorly in terms of economic growth compared with other countries in the same economic bracket at the time of independence in the 60s.

He cited poor policy implementation as being at the heart of Nigeria’s many economic woes.

Adding, he said: “The CBN is perfecting plans of widening the scope of its intervention funding in the agricultural sector to include other areas that were previously not covered so as to pave way for economic diversification.”

He further expressed worry that with Nigeria’s fast growing population which is projected to reach 450 million by 2050, a lot of work needs to be done in putting up policies that will effectively manage the swelling population.

Senate Committee on Banking and Finance commended Emefiele for his achievements in spear heading the country’s economic fortunes during his first term in office as boss of the apex bank, noting his part in taking the country out of recession.

He was equally urged not to rest on his oars but aim to avoid the economic pitfalls of the past five years.

President Muhammadu Buhari, it will be recalled, had last week requested through a letter senate’s confirmation on the re-appointment of Godwin Emefiele as Governor of the Central Bank of Nigeria.