President Muhammadu Buhari says African countries survive the current economic and financial challenges with home-grown innovations.
The president said this while declaring open the annual Assembly of Governors of the Association of African Central Banks held in Abuja on Thursday.
According to him, prescriptions from the West tagged: “fit for all purposes” will not solve Africa’s economic and financial challenges.
“I am confident that you will come up with practical ways by which we can chart a way forward for the growth and development of Africa. “The region is confronted with several global and domestic economic challenges.
“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.
“Those of us who rely on only natural resources such as Nigeria, Angola, South Africa, and Mozambique have been hit the hardest.