President Muhammadu Buhari has called on all governors of Central Banks in Africa to bring an end to all forms of illicit flow of funds out of the continent.
The president stated this while speaking at the opening session of the 2016 annual meeting of the Association of African Central Banks.
President Buhari, however, regretted that the African financial system had become a veritable platform for the transfer of stolen funds.
"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," he said.
Rather than using the banks as a platform to tranfer illicit fund, Buhari advised the governors to use it to develop a monetary policy that can take out the continent from economic doldrums.
"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," he said.