President Muhammadu Buhari has urged African Central banks to come up with innovative monetary policies that would improve the economy of the continent.

He made the call on Thursday during the opening of the Annual Meeting of the Association of African Central Banks, in Abuja.

The President noted that Africa is faced with many challenges especially with the dwindling price of crude oil in the international market and the decision by China, Africa’s major economic partner, to remodel its economy, leading to a slowdown in its involvement in Africa.

“Faced with these 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.

He added: “Those of us who rely on only natural resources such as Nigeria, Angola, South Africa, and Mozambique have been hit the hardest.

“We have also had to contend with the effect of the Ebola Virus Disease, which struck some countries in the West-African Sub-region.

“Furthermore, China, a major trade and business partner to a number of African countries is currently slowing down as it remodels its economy, sparking fears of further weakening.”

President Buhari commended the continents Apex Banks for their efforts so far at sustaining the economy and ensuring that Africa remains afloat.

“African Central Banks have been at their best in keeping African economies afloat through proactive and effective combination of conventional and innovative monetary policies,” he said.

He added that “In 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.”

The President however noted that “monetary policy alone is not sufficient to bring about desired economic growth. We must carefully balance monetary and fiscal policy measures.

He went further to enumerate his administration’s strategy towards growing the Nation’s economy.

Buhari said: “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.

“We shall also embark on export and production diversification steps including investment in infrastructure; promotion of manufacturing through agro-based industries and expansion of Regional Trade.

“All these would involve integrating the informal economy into the mainstream and providing funds to Small and Medium Enterprises.

“We shall also continue, with greater determination and focus to pursue our goal of ensuring improved security for our country and its citizens, and without letting up on our fight against corruption and terrorism.”

He urged the continent’s financial sector to intensify surveillance and give guidance to the operations of financial institutions to reverse the trend of illicit flows of funds out of Africa.

“We should all be serious in putting place measures aimed at ensuring that the proceeds of these illicit flows are repatriated to their countries of origin with minimal bureaucratic hitches,” Buhari said.